Abito becomes wholly owned subsidiary of Ask

Ask Developments has acquired the remaining 15% of its residential subsidiary Abito from co-founder and managing director Les Lang for an undisclosed sum.

The Abito brand will now be rolled out nationally and be managed under the residential division Ask Life.

Ask formed Abito with Lang, a former regeneration director of accountancy firm Levy Gee, in 2004 and held an 85% stake from the outset.

Abito is aimed at delivering "realistically priced accommodation for young professionals and first-time buyers in city centres." Its first scheme is complete at Greengate, Salford and another is under way at Clippers Quay, Salford Quays.

New projects are currently being planned for sites acquired in London and Glasgow. Two new appointments for a land development executive and personal assistant will be announced shortly, to allow the company to expand Abito across the UK.

Lang will leave at Christmas to run a new development venture involved in mixed-use product throughout the UK.

Ken Knott, chief executive of Ask Developments, said: "We will be very sad to see Les go, as we value greatly the contribution he has made to the company. He has built a superb brand which will be integrated into the residential arm and further strengthen this sector. We wish him all the success in his new venture."

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