LLP move allows new investment, says Argent
DEVELOPER Argent has announced a restructuring of its business which will see its main operating company, Argent Estates Ltd, replaced by a new limited liability partnership.
The new partnership, Argent (Property Development) Services LLP (ASLLP), will be formed by the six current executive Argent Group directors as well as four of its senior project directors.
The London-based company, which has been behind major Manchester projects such as Piccadilly Place, One Piccadilly Gardens and the Hive, had previously been a stockmarket-listed company which was taken private in 1997 by BT Pension Scheme management by Hermes Real Estate Investment Management.
The company, which is also currently joint venture partner with Greater Manchester Property Ventures Fund at One St Peter’s Square, has said the move provides it with more flexibility both to incentivise senior staff and to take on new funding.
David Partridge, former Joint CEO of Argent Group and now the managing partner of ASLLP said:
“Argent’s reputation and track record has been built on working in partnership, whether with funders, landowners, local authorities, contractors or our advisers.
“We are known for establishing long standing relationships based on trust and a joint desire to create and then manage high quality places.
“We have operated our own business in the same way; and the move to a limited liability partnership reinforces that ethos.”
Roger Madelin, former joint CEO of Argent Group PLC who will be a partner in ASLLP, but is stepping aside from overall management, said: “When I joined Argent in 1987, 25 years ago, we were a small team.
“Today we have a strong team of 75 people. We want to retain and incentivise those people, so this is the right move for Argent at the right time.”
The firm also said that although it would continue to work with Hermes, an LLP structure allowed it “to introduce other potential investors and partners to development opportunities that our experienced team would like to take on”.
