VINCI acquires ION Property Group

Having collaborated on numerous regeneration schemes from Coventry to Chester, the firms have formalised their partnership with the French construction giant buying the Liverpool-based developer.

VINCI Construction has bought ION Property Group for an undisclosed sum. The deal will see ION and VINCI’s UK development business merge.

ION was founded in 1990 as Neptune Developments and rebranded in 2017.

ION managing director Steve Parry and commercial director Rob Mason will head up the VINCI-owned venture – to be based at the Port of Liverpool Building and known as ION Developments – alongside Ian Hudson, finance director at VINCI UK Developments.

In recent years, ION and VINCI have bid for public sector regeneration schemes as a partnership.

Successes include securing the second phase of the Northgate development in Chester and being selected by Coventry University as preferred developer for a city centre regeneration project.

As well as these schemes, the new entity will also bring forward ION’s other pipeline projects in Wirral, Stafford, and Wakefield.

Parry said the new arrangement would underline the partnership’s attractiveness to the public sector.

He said: “At a time when local authorities and other public bodies across the UK are exploring new solutions for urban regeneration and the use of their land assets, this is the ideal moment to bring together these two specialist businesses to create a single regeneration developer which has the vision, experience and resources to bring projects of all sizes to life.

“We already have a strong forward pipeline and the new structure will only enhance our capacity to deliver these and other future projects.”

VINCI’s purchase of ION provides founder Peter Hynd and shareholder Gavin Douglas with exits. The pair will leave the business.

Hynd said: “ION has delivered many transformational regeneration schemes that have had a positive impact on our towns, cities and communities by delivering high quality urban buildings that have created a sense of place.

“Many of these projects were regarded as ‘too difficult’, but we have delivered consistently, working closely with our public sector partners. This deal with VINCI stands as testament to our legacy of success and we are proud to be leaving the business in such a strong position, with an incredibly bright future ahead and we wish the hard-working ION team every success in the future.”

Scott Wardrop, chief executive of VINCI Construction in the UK is listed on Companies House as one of ION Developments new directors, alongside chief finance officer Xavier Lansade.

Wardrop said: “We are delighted to confirm this agreement, which will see the creation of a consolidated development business, that can harness even more of our collective strengths and support greater numbers of local authorities and other clients to make a long-lasting, positive change to their communities across future generations.”