St Modwen Properties Plc
St Modwen Properties was created in 1986 by a reverse takeover after an engineering group called Redman Heenan International Plc sold off all its engineering businesses, but still had some property and a market quotation. It bought a small development operation called Clarke St. Modwen Developments and in the process the shareholders of Clarke St. Modwen became the largest shareholders of Redman Heenan. The Company changed its name to St. Modwen Properties and launched from being an engineering business into being a property business. A “reverse takeover” is when a private company becomes listed on the stock exchange by acquiring or merging with an already listed business. It is a quick and relatively inexpensive way of achieving a stock market listing, though changes to stock market regulations have made such transactions less common in recent years.
In the early years of St Modwen Properties there was a concentration on development, but by 1991-92 it was moving equally into longer-term investment holding on to developments and raising income through rents. In the last few years, the company has established a leading position in the United Kingdom in the field of regeneration and most projects are associated with regeneration of either buildings or sites that have been used before.
St Modwen has more than 200 employees and is listed on the London stock exchange. In 2003 the company made profits of £24 million on revenues of £123 million. 72% of income came from sales of property developments in 2003 with 26% coming from rental income.
The company has experience of Football Stadium development in the past having been heavily involved in Stoke City’s move from the Victoria Ground to the Brittania Stadium in 1997. A new company “Stoke-on-Trent Community Stadium Development Company Limited” was formed with St Modwen owning 15% of the shares. 49% were owned by Stoke City FC and the remaining 36% by Stoke-on-Trent City Council.
On 24th December 2002 a new company was formed named Shaw Park Developments Ltd. This company is a joint venture between St Modwen and Swindon Town. St Modwen loaned Shaw Park Developments £975,000 in 2003. Current directors of Shaw Park Developments include James Wills, Sandra Gray, and Bob Holt, all current members of the board of the Football club, and Tim Haywood, Anthony Glossop, and Bill Oliver, all directors of St Modwen Properties.
Long serving chairman Sir Stanley Clarke, who recently stepped down from the post, was briefly on the board of Stoke City at the time of their stadium move. Other board members include new chairman Anthony Glossop who’s previous post of chief executive has been taken over by Bill Oliver, and former MP Sir David Trippier who was briefly Minister for Construction and Urban affairs in the late 80s during the last Conservative government.