A management buyout by chief executive John Downes and finance director Malcolm Jackson has been completed to take control of development assets from Langtree owner Bill Ainscough.
Ainscough has sold the stakes in four joint venture public sector development partnerships including. The assets acquired by the new company, called Langtree Property Partners, include:
- Sci-Tech Daresbury, a joint venture with Halton Council and the Science & Technology Facilities Council
- Parkside Regeneration, JV with St Helens Council
- Wire Regeneration, JV with Warrington Council
- Hollinwood, development agreement with Oldham Council
Downes has stepped down from his current role to lead and take a majority shareholding in the new company. Jackson joins him at the new company as financial director and shareholder. The new company is chaired by AMION Consulting founder Tim Johnston, who will also remain a non-executive director of Langtree Group.
Richard Ainscough, son of group owner and chairman Bill, and the current managing director of the group’s investment and management subsidiary, Network Space, will become MD of the remaining Langtree Group, which will also have a minority shareholding in the new company.
Langtree Group will continue its investment and development activities across its directly owned UK-wide portfolio.
Bill Ainscough said: “In the 18 years that John has led Langtree it has blossomed into a group with a 3m sq ft investment portfolio, most of which he has overseen the development of, and an enviable land bank of more than 2,000 acres.”
“I would like to thank John for his years of dedicated service to the Langtree Group. We wish him and his management team every success in the new venture.”
Downes said: “I have thoroughly enjoyed my time with Langtree and working for Bill and seeing the company develop over the years. This deal now gives me a real stake in the new business and a sound platform from which to develop in the areas that I enjoy and where I can hopefully grow and add value.”