The board of Warrington-based developer Langtree has taken back full control of the company after acquiring Network Space’s 30% stake in the business.
Langtree was formed in 2015 when management bought out Langtree Group’s public sector development partnership business. Group chief executive John Downes led the buyout, and took a majority shareholding in the new company.
Network Space acquired a 30% stake in the business after investing equity and debt into the newly formed company.
Langtree chief executive John Downes said: “Network Space was a founding investor of our business, injecting equity and loan capital alongside my team and allowing us to hit the ground running.
“Its support was key to our success and I’m obviously pleased that we’ve managed to generate the cash in the business to acquire the shares. We’ve grown substantially in the four years since the MBO, and so Network Space has achieved a good return from its initial investment.”
The company has a number of joint ventures with local authorities and government, including Sci-Tec Daresbury, and manages in excess of £200m of property assets in the north west.
FDR acted on behalf of Langtree. Pinsent Masons acted for Network Space.
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