Langtree celebrates strong first year after MBO

WARRINGTON-based property development and management company Langtree – bought out of Network Space Developments in an MBO last year – has reported a strong first year’s financial results.

The company, whose operations range from joint ventures with local authorities to providing asset management services to major investment funds, reported assets under management of £130m, producing a rent roll of more than £12m from 450 tenants.

The activity generated a maiden profit before deductions of just over £1m and saw the firm grow its team to 34 staff.
 
“It’s been a busy and enjoyable year,” said group managing director John Downes, who led the MBO.  “I was delighted that we were able to welcome Tim Johnston as our chairman and his regeneration and public sector know-how has been key to our progress.  

“We bedded in our systems quickly and hit the ground running, which is a great credit the team.

“We have been able to continue with development activity in our joint ventures whilst bringing new management properties under our wing through our partnership with one of the world’s leading money managers and investment funds PGIM.  The year ahead is already looking very encouraging.”

Among the notable achievements included the completion of a £24m investment in Sci-Tech Daresbury, the company’s joint venture with the Science and Technology Facilities Council, and the acquisition of numerous assets within the Southern Gateway, its joint venture with Warrington Council.

Assets under management across the business now total 1.9 million sq ft.

“The market still remains in good shape and we aim to capitalise on this in the coming year by seeking to progress major projects such as Parkside Colliery with our partner St Helens Council,” added Downes.

“This is a 232 acre site with great potential but not without its challenges including, of course, genuine concerns from neighbours that we will address and mitigate.  There is a huge amount of work going on behind the scenes to ensure a robust planning submission which, if approved, would be a game-changer for the St Helens economy.”

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