Earl Sibley, chief operating officer at Vistry for the last two years, and CFO between January 2020 and November 2022, will leave the business after 15 years at the end of this year. He has stepped down as director with immediate effect.

In a statement on the London Stock Exchange, Vistry said: ‘This change reduces the length of reporting lines and ensures closer proximity of the CEO to the business.’

The departure followed the discovery of a significant accounting error which saw the costs of some large scale housebuilding schemes underestimated in the accounts by 10% of total build costs. The issue related to nine out of its 46 developments in the south division of the business.