He will then take up the new role of CEO at Workspace, with a start date of 18th November.

Announced in May, Lawrence has been hired to replace Graham Clemett who informed the board in January of his intention to retire from the firm.

To ensure a smooth transition, Graham will be available to the business until his notice period ends on 31st January 2025, at that point he will step down from the board.

At Capital & Regional, group finance director Stuart Wetherly has been appointed acting CEO with immediate effect. He will be assisted by investment director James Ryman.

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This arrangement will remain in place until the £147m deal for Capital & Regional, which received board approval in September, is completed.

An earlier takeover attempt by Praxis Capital collapsed after an approach was made in July.

“I would once again like to thank Lawrence for his service over the past seven years,” said David Hunter, chair of Capital & Regional.

“Despite being on notice to depart, he has continued to serve with a very high level of commitment to the company and we wish him well for the future. I am also grateful to Stuart and James for their flexibility and support.”