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LONDON-Peter Lewin has quit as Chief Executive of Newport Holdings, the development and investment company he founded eight years ago. In a statement the company said he has ceased to be a Director and Chief Executive of the company with immediate effect. It said the board has held full consultation with its major shareholders who support this decision.

Peter Lewin established Newport in March 1994, having previously been a director of Samuel Properties and of a private property company. The company’s non-executive chairman Bob Carlton-Porter will become the Executive Chairman supported by Finance Director Nicola Crickmore, and he plans to implement a review of the Company’s structure and strategy.

Newport recently completed a £67 million ($100 million) refinancing with a new 25-year fixed-rate loan from Norwich Union, reducing its cost of borrowing and freeing up capital for new acquisitions. As at 30th June 2002 its portfolio value stood at £150million ($230 million). In the six months to June 2002, pre-tax profit was up 39%, and NAV up 22%.

At the time Lewin said: “From this position of strength we shall continue to expand our portfolio through strategic acquisitions and to this end we are currently evaluating a number of promising opportunities. Overall, therefore, I look forward to another successful outcome for the year as a whole.” Since then, something appears to have gone awry.

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