MBO signals new chapter at Stoford
The managers of Birmingham-based developer Stoford, active on several major logistics developments in the North West, have reshuffled their stakes and board position as it prepares for a new chapter in the life of the business.
Joint managing directors Dan Gallagher and Matt Burgin will continue to lead the firm, registered as Stoford Properties. Dominic Stokes, David Brown and Jon Andrews have sold their stakes and resigned their directorships. Andrews will remain as a non-executive director and Brown as a consultant. Stokes is retiring fully from the company. The remaining shareholders are Gallagher, Burgin, Tony Nash, Gerard Ludlow, Julie Craig and Alex Morgan.
Stoford was founded by Stokes in 1996 to focus on occupier-led, pre-let commercial property developments. The company has since grown significantly and has completed commercial developments totaling more than 13m sq ft with a value of over £1bn across a diverse range of sectors throughout the UK.
Stokes said: “It has been an amazing journey and I’m extremely proud of everything that Stoford has achieved in the past 20 years. I’m confident that Dan, Matt and the team will drive the business forward to even greater heights.”
North West projects on Stoford’s books include Mountpark Airport City Manchester, Ditton Park Widnes, and Stonebridge Cross Logistics Park Liverpool.
In a joint statement, Gallagher and Burgin said: “The huge success Stoford has enjoyed over the past 20 years is a tribute to the enormous contributions made by Dominic, David and Jon. The members’ buyout represents the start of an exciting period for Stoford as we embark on the next phase of growth. The last 18 months has seen a sustained, positive upturn in market conditions, which has allowed the Stoford team to thrive across a number of sectors.
“Our continued push into the industrial and logistics market has been further enhanced by market movements including a lack of supply and increased demand, allied with record investment yields, creating a market ripe for expansion. We are in excellent shape to take advantage of the many opportunities the current market conditions continue to present.”
Stoford’s portfolio includes industrial and distribution warehouse sites, production plants, business parks, offices, retail schemes and hotels. It has worked with some of the UK’s largest occupiers and financial institutions including Severn Trent Water, Npower, Admiral Insurance, Tesco, The Co-operative, Standard Life, Axa, LaSalle, BlackRock and GE, together with Government Departments such as HMRC, DSA, DEFRA and The Home Office.
