Richard Ainscough has completed the outright purchase of Network Space Holdings and its subsidiaries by acquiring the share interests held by other members of the Ainscough family, meaning the business is now a wholly owned subsidiary of his Datum Edge company.
Ainscough took on the role of group managing director in June 2015, subsequently rebranding and restructuring the operation. In June 2016 the group posted a record pre-tax profit of £19.2m, followed in June 2017 by another record £27.8m.
The decision to buy Network Space outright came as Aisnscough’s father Bill, a totemic figure in regional property as founder of Wainhomes and Langtree, turns 70 – Ainscough senior has been gradually reducing his involvement, the business said. The company said a deal was struck at market value, in a transaction that “also ensured Network Space could remain agile and continue its growth strategy”.
Richard Ainscough said: “This is a huge opportunity for me. I joined the business nearly 10 years ago, in the middle of the recession, and have worked my way up. Along the way I have learned so much, especially from those I have been lucky enough to work with. Our recent success is a result of initiatives employed during this time which have in turn enabled us to take advantage of a recovering property market.
“I have tried to make sure that we are a very forward and outward looking business so that we can take advantage of the advances in technology and changing consumer habits that will affect our market.
“For example, we have just made a very significant investment in our IT management systems that provide the kind of visibility and efficiency previously unheard of in our sector. Whilst we have traditionally been largely self-invested, I believe that our operational capability exceeds our financial capacity and so we are looking to provide our development, investment and management expertise to like-minded, value seeking investors.”
Network Space is a developer, investor and manager, specialising in the industrial sector across the North of England. Headquartered in Newton-le-Willows, it retains and manages a proprietary modern investment portfolio. Over the next five years it is forecast to deliver more than 2.5m sq ft of new industrial property across the Northern Powerhouse region.
Aisnscough concluded: “I truly believe our business is capable of great things and so I have made the biggest possible commitment to it. Network Space has always been a family business and by doing this deal I have secured its continuation into the next generation.”