Mansion Group plans international push
STUDENT properties specialist The Mansion Group grew sales by 62% in 2011 to £136m.
Newly-filed accounts for the Cheadle-based company, which converts and manages student properties on behalf of investors, also saw its pre-tax profits grow by 67% to 7.2m.
Chief executive Shankar Ramanathan said the business had brought in two new institutional funders during the year and had completed a pair of acquisitions for them – one of which was a new development and one of which was an existing building that is being converted.
“Development is a new area for the business but I am confident that we have the in-house expertise and business partners for it to prove another success for the group,” he said. “The plan is to do at least one each year – if the opportunities are right.”
He added that the firm had started its 2012 financial year strongly.
“Key activities for the coming financial year will be to continue our growth as the property advisor and manager to the Mansion Student Accommodation Fund and the Institutional channel,” he said.
“We will be reviewing other opportunities outside the UK, and build the Mansion student brand international not only from our UK head office but from our India office and a new office due to open in China.
Mansion Group was founded by former Caudwell Group finance director Paul Wildes in 2007, although he sold a majority stake in the company in 2009 for £1.9m.
It is now owned by its management team and by property investor Eugene McTaggart, who has the largest single shareholding in the company.
By its year end, net assets had almost quintupled to £6.8m (2010: £1.4m).
