Langtree sells public sector development partnerships to MBO
Langtree Group, the commercial property investment and development company owned by Bill Ainscough, is to sell its public sector development partnerships in a management buy-out led by Group Chief Executive John Downes.
Mr Downes is to step down from his current role to lead and take a majority shareholding in the new company.
The new business will be called Langtree Property Partners and will assume ownership and responsibility for a range of existing public sector development partnerships.
The assets acquired by the new company include Sci-Tech Daresbury, a joint venture with Halton Borough Council and the Science and Technology Facilities Council; Parkside Regeneration, a joint venture with St Helens Council; Wire Regeneration, a joint venture with Warrington Council; and Hollinwood, a development agreement with Oldham Council.
Richard Ainscough, son of Group owner and Chairman Bill, and the current Managing Director of the Group's investment and management subsidiary, Network Space, will become MD of the remaining Langtree Group, which will also have a minority shareholding in the new company.
Langtree Group will continue its investment and development activities across its directly owned UK-wide portfolio.
Current Langtree Group Finance Director Malcolm Jackson is joining the new company as Financial Director and will be a shareholder in the business. The new company is to be chaired by AMION Consulting Chairman Tim Johnston, who will also remain a non-executive director of Langtree Group.
Langtree Group chairman Bill Ainscough said: "In the 18 years that John has led Langtree it has blossomed into a group with a 3m sq ft investment portfolio, most of which he has overseen the development of, and an enviable land bank of more than 2,000 acres.”
“I would like to thank John for his years of dedicated service to the Langtree Group. We wish him and his management team every success in the new venture."
John Downes said: “I have thoroughly enjoyed my time with Langtree and working for Bill and seeing the company develop over the years. This deal now gives me a real stake in the new business and a sound platform from which to develop in the areas that I enjoy and where I can hopefully grow and add value.”