Bidders study freshers digs specialist Empiric as boss is ousted

A troubled student digs company fuelling takeover speculation on Tuesday revealed its boss and co-founder had been ousted.

Empiric Student Property, behind 84 student accommodation sites in the UK, including in Twickenham and West Hampstead, said Paul Hadaway “has received notice to terminate his employment with the company”. He immediately left his position on the board.

The update comes less than three weeks after the firm scaled back its dividends for shareholders when new finance chief Lynne Fennah identified “a number of financial and operational inefficiencies” within the group that dented its profit margins.

It warned of disappointing lettings in Aberdeen and Cardiff, and the announcement triggered a 7p share price fall to 90.25p.

It floated at 100p per share in June 2014 and edged up slightly today to 83.28p. One property expert said the discount would make Empiric look “very attractive to suitors at the moment”.

Some of its largest shareholders include Blackrock, Schroders and Investec.

Hadaway has around 1.5 million shares worth over £1 million.

Empiric’s chairman Baroness Dean thanked Hadaway “for his significant contribution to the business” he set up in 2014.

Chief investment officer and co-founder Tim Attlee has assumed the role of acting chief executive.