Bartram, who will be replaced by director Richard Debney, will be leaving "to pursue other business interests". The former Jones Lang Wootton managing partner oversaw a virtual takeover of Haslemere last year by a consortium led by Israeli group Brack Capital in which they acquired an 84.4% stake for £758 million ($1.2 billion).

The consortium pushed through a new business plan and today announced it was moving into the "second phase" in which it would seek to create joint venture partnerships under the name Haslemere Partners. The way forward was prepared with the sale of almost £800 million ($1.3 billion) worth of assets.

Shimon Weintraub, co-chairman of Haslemere NV, said: "The Supervisory Board is indebted to Chris Bartram for his excellent leadership of Haslemere over the past eight years, and in particular for his work in successfully completing the first phase of the new Business Plan following Brack's acquisition of the company in May 2002."