Trafalgar New Homes Ltd (formerly Combe Bank Homes) and Trafalgar Retirement+ Ltd (formerly Beaufort Homes) are  trading entities and wholly owned subsidiaries of Trafalgar Property Group Plc .
For information about Combe Bank Homes / Trafalgar New Homes Ltd:      For information about Beaufort Homes / Trafalgar Retirement+ Ltd:

+44 732 700 000

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Risk management

Trafalgar Property Group Plc is a holding company. Its principal asset is its ownership of the entire share capital of its trading and wholly owned subsidiary Trafalgar New Homes Ltd (previously named Combe Bank Homes Ltd) (TNHL), and the entire share capital of its trading and wholly owned subsidiary Trafalgar Retirement+ Ltd (previously named Beaufort Homes Ltd.)

All trading and property assets of TNHL are held in the name of TNHL or its subsidiaries as follows:
Combe Bank Homes (Oakhurst) Ltd
Combe Homes (Borough Green) Ltd (controlled via Deed of Trust)
Selmat Ltd
All bank and mortgage borrowings are the liability of TNHL or its subsidiaries, as appropriate.

Wholly owned Subsidiary company of Trafalgar Retirement + Ltd: Randell House Ltd

The shares of Trafalgar  Property Group Plc are quoted on the London Stock Exchange AIM market.

Risk Management

1. The Group affords its bankers and other lenders a strong level of asset and income cover and maintains good relationships with a range of funding sources from which it is able to secure finance on favourable terms.

2. Direct costs, including construction costs are outsourced on a fixed price contract basis, thereby passing on to the contractor all risk of development cost overspend including from increased material, labour or other costs.

3. Most other professional services are also outsourced, thus providing a known fixed cost before any project is taken forward, and avoiding the risk that can arise in employing in-house professionals of a high unproductive overhead at times when activity is slack.

4. Land buying decisions are taken at Board level, after careful research by the Directors personally, who have substantial experience of the house building industry, potential construction issues, and the local market.

5. The Group focuses on a niche sector of new homes developments in the range of 4 to 20 units, within which range competition from land buyers is relatively weak, as this size is unattractive to major National and Regional house builders who require a larger scale to justify their administration and overheads, whilst being too many units for the jobbing builder to finance or undertake as a project. Many competitors who also focus on this niche have yet to recapitalise and are unable to raise finance.

6. Many of the activities are outsourced and each of the Directors is fully aware of the activities of all members.

7. The Group has a rigorous corporate governance policy appropriate for a publicly quoted company with ambitions substantially to raise its profile within the wider investor community.

Company structure

Board of Directors


Board Committees


Aim rule 26 Board of directors Board committees Company structure Risk management


The following information is disclosed in accordance with Rule 26 of the AIM Rules for Companies. This website page was last updated on 11 May 2022.

Description of the business

Trafalgar Property Group Plc is a holding company owning the entire share capital of Trafalgar New Homes Ltd, a regional property developer based in the South East of England, and Trafalgar Retirement+ Ltd, a property developer in the assisted living and extra care for the elderly sector. Further information on the Group can be found here.

The names of the directors and biographical details

Please follow this link for the names of Directors and brief biographical details on each.

Corporate Governance

Please follow this link for a description of the Directors' responsibilities and details of any committees of the board of directors and their responsibilities.

Corporate Governance Standards

Please follow this link for details of the corporate governance code that the company applies.

City Code on Takeovers and Mergers

The Company is subject to the City Code on Takeovers and Mergers, as published by the Panel on Takeovers and Mergers and updated from time to time.

Country of incorporation and main country of operation

Trafalgar Property Group was incorporated in the United Kingdom. The Group’s main country of operation is the United Kingdom.

Constitutional Documents

Follow this link to access the Company’s constitutional documents.

Details of any other exchanges or trading platforms

The company's shares will only be traded on the London Stock Exchange’s AIM market at present.


Please follow this link for details of the number of securities in issue, the number of securities held as treasury shares and, insofar as the Company is aware, the percentage of securities that is not in public hands together with the identity and percentage holdings of and significant shareholders and directors' shareholdings.

Details of any restrictions on the transfer of securities

There are no restrictions on the transfer of securities.


Please follow this link to access the Group’s latest accounts.

Company announcements

Please follow this link to access all notifications made in the last 12 months. Please follow this link for the circular regarding the acquisition of Beaufort Homes Ltd.

Admission document

Please follow this link to access the Company’s Admission document.


Please follow this link for details of the Company's Nominated Adviser and other key advisers.

James Dubois FCA Non-executive Chairman.
James Dubois resigned as Non-executive Chairman on 24th March 2023 for health reasons. His successor is to be appointed. Meanwhile, Paul Treadaway is undertaking the operational duties of this Board position. See the Regulated News Announcement HERE.  (dated 24 March 2023)

James Dubois is a Fellow of Institute of Chartered Accountants, qualifying in 1968. Since 1972 he has been in public practice and until recently was Managing Partner of Body Dubois, Chartered Accountants and wealth creation specialists with clients including professional partnerships and divisions of multi-nationals. He remains a consultant for Body Dubois. In December 2011 after 10 years in the role he retired as Non-executive Director of Swarovski UK Ltd, the UK distributor of Swarovski glass products (sales c£60m.) He was also Chairman of Intellident Ltd, and of Honeygrove Group Plc, a residential AIM listed housebuilder which was taken over by another listed company. He is also non-executive director/adviser to various other businesses but specialises in property development and investment.

James was on the board of The Royal Automobile Club for six years from May 2000, including Chairmanship of the Finance and Audit Committee, and has since Chaired their Staff Pension Scheme Trustee Company. He has conducted extensive consultancy assignments, and run coaching/mentoring groups for Chief Executives and business owners. He has lectured for BA, ICI Dulux and Track Sales Training Organisation, delivering seminars on accounting, financial and management issues. His considerable experience as a management consultant covers a wide range of industries, particularly the services, property and financial sectors.

Norman Alec Charles Lott, FCA Non-Executive Director.

Norman Lott qualified as a chartered accountant in 1980. He is an associate member of the Institute of Chartered Accountants in England and Wales. He is an experienced international CFO having held multiple finance and non-executive roles in AIM listed companies on the London Stock Exchange including Regen Therapeutics Plc, BMR Group Plc and various other public and private companies.

Audit Committee

The audit committee has primary responsibility for monitoring the quality of internal controls and ensuring that the financial performance of the Group is properly measured and reported on. It will receive and review reports from the Group’s management and auditors relating to the interim and annual accounts and the accounting and internal control systems in use throughout the Group. The audit committee will meet not less than four times in each financial year and will have unrestricted access to the Group’s auditors. Members of the audit committee are James Dubois*, who will act as chairman of the committee, and Norman Lott.

Remuneration Committee

The remuneration committee will review the performance of the executive Directors and make recommendations to the Board on matters relating to their remuneration and terms of employment. It will also make recommendations to the Board on proposals for the granting of share options and other equity incentives pursuant to any share option scheme or equity incentive scheme in operation from time to time.

The remuneration committee will meet as and when necessary to assess the suitability of candidates proposed for appointment by the Board. In exercising this role, the Directors shall have regard to the recommendations put forward in the QCA Code. Members of the remuneration committee are Norman Lott, who will act as chairman of the committee, and James Dubois*.    (James Dubois resigned on 24 March 2023 - see Regulated News Announcement HERE.)

Paul Arthur Treadaway Executive Director and Chief Executive Officer.

Paul has held senior positions in both Public and Private Companies using his expertise in construction and land assembly over for many years particularly in the emerging assisted living Retirement Housing market.

Gary Martin Thorneycroft Group Financial Director.

Gary is a Chartered Accountant with over 35 years' experience, initially in practice and then directly in various industry sectors over the last 16 years. His more recent activities include being CFO of a UK Fintech company, Payment Card Technologies (Retail) Ltd, in addition to being co-founder and CFO of Jones Food Company Limited, who own and operate the largest vertical farm in Europe. Gary structured, modelled, and ran the initial investment round prior to the business exit to Ocado in 2019. He has also held many directorships in various private companies using his expertise in financial strategy to help achieve their growth plans.

Dr Paul Francis Challinor Executive Director.

Dr Paul Challinor is a renowned and respected, early-stage pioneer and executive manager who specialises in the construction and management of indoor hydroponic vertical farming facilities and in the food security sector.

Paul, together with Gary Thorneycroft, Trafalgar’s Chief Financial Officer, were co-founders of Jones Food Company, which owned and operated, at the time, one of the largest vertical farms in Europe. A majority stake in Jones Food Company was subsequently sold to Ocado in 2019.

Paul’s role is to help Trafalgar re-invigorate its hydroponics strategy. Paul’s experience and expertise together with that of Gary Thorneycroft, will greatly assist Trafalgar in realising its aspirations to design, fit out, build and where appropriate even operate hydroponic assets.

Paul is currently a director of May Barn Horticultural Consultancy Ltd, and was previously a director of Jones Food Company Ltd.