CTP funds expansion with 25% sale to DevSec
Development Securities has acquired a 25% stake in David Topham's development firm CTP for an undisclosed sum.
Topham, founder and chief executive of Manchester-based CTP, said: "We have been trading for 20 years this year and have been looking at how we expand the business to meet the directors' aspirations to maximise the opportunities presented to us. We have a well established and excellent working relationship with Development Securities and we are all excited about the future."
DevSec will provide "a significant working capital facility" to the business to fund expansion as well as to build out its existing development programme. CTP has a contracted pipeline of projects with a gross development value of £600m ranging in size from £10m to £150m.
CTP developed the Aurora offices in Manchester city centre and was recently selected as preferred developer on Neston town centre, Wirral.
Matthew Weiner, director of DevSec, said: "This acquisition underlines our continued commitment to large scale, regional regeneration projects. Our two companies have a long standing working relationship and we have been impressed by their ability to deliver complex mixed-use projects. It is a well-established, award-winning business and we are looking forward to working together to build on its success to date."
Of the current directors of CTP, Topham, Guy Illingworth and John Whiteside will continue to have a stake in the new development company.
Topham is the son of Bolton-based developer Charles Topham, which is now run by David's brother Richard.