CHANCERYGATE PLANS NEXT PHASE OF GROWTH AND MANAGEMENT SUCCESSION
Posted on: Feb 07, 2017
Leading industrial developer and asset manager, Chancerygate, has announced plans for the next phase of its growth which will also see the recruitment of a new Managing Director.
The company’s current MD, Eddie Cook, has announced he will be retiring at the end of the year having led the company through an unprecedented period of growth which has seen it create a substantial speculative development programme across the UK; substantially broaden its asset base; and also increase the assets it manages on behalf of third parties. The profitability of the company has also increased significantly during that period.
As part of a wider restructuring of the business, Tim Johnson who joined Chancerygate in 2015 will become Head of Development and will oversee all development activities in addition to his role of bringing forward development opportunities in the mid-size and larger logistics product that Chancerygate now offers. Development Director, Alastair King will continue to spearhead the company’s core development activity in multi-unit industrial schemes for the freehold and leasehold markets and will work closely with Tim in his new role. Other new appointments see Rory Finnan become Head of Asset Management and Don Bailey Head of Project Management.
The company currently has more than 2million sq ft of space under development or ready to be brought forward for development which will further increase during 2017 with pipeline deals. In the past year alone Chancerygate has spent in excess of £40m acquiring 11 sites totalling some 40 acres capable of delivering in excess of 700,000 sq ft when fully developed, adding to a substantial land bank that Chancerygate already has.
Chancerygate Chairman, Andrew Johnson, commented: “Our focus on industrial multi let schemes has paid dividends over the last 9 years since the financial crash. Eddie has done a phenomenal job in leading the company to the point where we are one of the most active developers in the sector.
“He has worked tirelessly for Chancerygate and we have to respect his decision to step down. He will work with me to find his replacement, the process for which has already started.”
Eddie Cook - who became MD in 2010 - commented: “My decision to retire at the end of 2017 was not taken lightly. Chancerygate is a great business to be involved with and I am proud of what we have achieved and will go on to achieve. The company has increased its turnover and profitability year-on-year, and we have assembled an excellent team. The growth of our North West operations and our recent move to a new larger London office are further indicators of how this dynamic business is maturing.
The timing of my retirement comes at a time when I will be leaving the company in a very good place. It enables us to find the right person to take on the MD role and take Chancerygate into the next chapter of its evolution. In the interim, we will continue at pace with our long-term growth plan and it will be very much business as usual.”