Reading football club chairman and Auto Trader founder John Madejski is backing a fledgling property company.
Madejski, who sold his Auto Trader empire for £260m, has become chairman of Sackville Properties and taken a controlling interest in the firm.
He has funded £6.25m of site acquisitions in Hertfordshire, which will give the firm an initial £20m development programme.
Sackville director Jon Homan, a former partner at Knight Frank, said: “The amount of funding that John has given us initially is an indication of his confidence, but we need to prove ourselves before he injects more cash.”
Homan said Sackvilles relationship with Madejski had developed after Homans previous property advisory firm worked for a printing company chaired by Madjeski. “We are looking at around two dozen new projects at the moment,” he said.
EGi News 01/06/01
