Network Space, has concluded a strategic review to restructure its business to focus on new land and property opportunities in the market.
The move will see its property and asset management specialism NSM cease trading and internal operations merging back into the Network Space fold, with many of the team transferring to new roles across the group.
NSM Managing Director, Nicky Jones, will move onto pursue other ventures, as will Finance Director, Mike Dunn. Network Space will then restructure with Network Space Investments continuing to seek new opportunities, as well as actively asset-manage its existing single and multi-let portfolio.
Network Space Developments will focus on delivering new high quality commercial schemes from its existing land bank and new opportunities.
Richard Ainscough, Chairman of Network Space, said: “We are an agile organisation, responding to the changing dynamics of the property industry so that we can continue our growth, having just closed a challenging year with a 13% increase in Net Asset Value. We have a strong balance sheet and healthy cash reserves to deploy in suitable new opportunities and, over the next five years aims to deliver a further 2.5 million sq. ft of new industrial property.”
He added: “I would like to thank Nicky who has been with us for 24 years, establishing and growing NSM, attracting clients such as 4i, ARA Europe and Mileway. She has been a valued member of the Network Space board and will be dearly missed. The team and I wish her and Mike every success in their next ventures.”