A co-founder and managing director of industrial developer Astral has resigned and sold his 29% stake in the company.
Richard Saint resigned last Friday (2nd December) amid rumours of personal disagreements with co-founder and joint MD Steve Ferris.
But Saint denied there had been any problems at the Solihull-based company he and Ferris founded with John Cutts in 2000.
“It’s absolutely ridiculous, just tittle-tattle. Steve and I have been the best of friends for many years and are still close friends. I am leaving on very amicable terms,” Saint said.
Cutts has bought out Saint’s share in Astral, meaning that he now owns 71% of the developer through his Parkridge Holdings group. Ferris controls the remaining 29%.
Cutts also insisted the split was amicable. “Richard has decided that, after 18 years doing the same thing, he’s going to have a year off and think about what he wants to do with his life. He has said that he is not getting the same kick out of the job.”
Saint said: “I want to take a break, spend more time with the family and pursue other, outside, interests.”
Most recently, Saint took the lead role on Astral’s purchase of the 264-acre Century Park, near Luton Airport, for £25m.
“Richard was very creative and could apply a very aggressive approach to put deals together,” said one agent.
The source said Saint was considering other career options or returning to university.
References: EGi News 09/12/05
