‘Invest in property’ urges Bloxham

URBAN Splash’s chairman and chief executive Tom Bloxham has yet to comment on job cuts at the Manchester property group.

But in a regular company newsletter he has conceded the market is “tough” and is still urging people to invest in property.

Mr Bloxham said: “It’s tough out there. I started out in business in the late 1980s but this downturn is different.”

Urban Splash has already made 60 of its 250 staff redundant and is conducting a further review.

Mr Bloxham said last month that more public investment was needed to prevent the regeneration business from “crashing to a halt”. In his newsletter he said the firm was “keeping positive” and focusing on affordable housing.

He added: “Finally, and on a cheeky note, if you’re lucky enough not to be affected by the credit crunch then it’s a great time to invest. We’ve got some great deals around… see how much more you can earn investing in property than saving right now!”

The company is currently working on the landmark New Islington regeneration scheme in east Manchester, the flagship redevelopment of Park Hill in Sheffield and the 23 acre Lister Mills in Bradford.

In June it carried out a £125m refinancing deal with three banks, HSBC, Royal Bank of Scotland and The Co-operative Bank.