Real Estate Investors names Crabtree as new chair

PROPERTY group Real Estate Investors has announced that leading West Midlands business figure John Crabtree is to be its new chairman.

Mr Crabtree replaces Peter Lewin who announced his resignation in March as the company published its annual results. Mr Lewin will remain on the board as a non-executive director.

In the same announcement, REI, run by entrepreneur Paul Bassi, said it had also appointed Caledonia Investments’ executive director William Wyatt as a non-executive director.

Both appointments are with immediate effect.

Mr Crabtree OBE has a very wide variety of business, community and charitable interests, predominantly in the West Midlands. Until 2003, he was senior partner of Birmingham-based law firm Wragge & Co and until recently, chairman of both Metalrax Group and Claimar Care Group.

He is currently chairman of SLR Management Limited, TruckEast, Birmingham Hippodrome Theatre Trust and the charity, Sense. He is also senior independent director of Staffline Holdings and a director of Advantage West Midlands, as well as a former President of Birmingham Chamber of Commerce & Industry, was High Sheriff of the West Midlands. He is currently Deputy Lieutenant.
 
In 2003, he was awarded the UK’s ‘Lawyer of the Year’ and Birmingham Law Society’s ‘Lifetime Achievement Award’.
 
Mr Wyatt, aged 41, is an executive director of Caledonia Investments, the FTSE 250-listed Investment Trust which owns 28.17% of REI.

He is due to take over as chief executive of Caledonia in July. In addition, he is a director of a number of listed businesses on behalf of Caledonia including Melrose Resources, Avanti Communications, Terrace Hill and Bristow Group.

Both join REI at what is a significant time for the business.

The company, which has a number of property interests across Birmingham and the Black Country, has seen a spectacular reverse in its fortunes this year. In March it announced it had converted a £15.7m loss into a pre-tax profit of £4.3m.

Property assets increased £6.3m on 2008 to £54.8m, despite the squeeze on property prices instigated by the onset of recession.

Mr Bassi also revealed earlier in the year that the company had a £10m war chest, raised through a share offer, which would be invested in suitable property opportunities in Birmingham and the Black Country.