Developers team up to make most of downturn

3:00am Friday 25th July 2008

Comments (0)   Have your say »

A WORCESTERSHIRE development company has announced a major joint venture as it looks to take advantage of the property downturn.

Maximus, headed by entrepreneur Dick Hickton, of Sinton Green, Hallow, near Worcester, is linking up with Simon Corner of Aequusland, who was formerly one of the key managers with legendary Black Country developers the Richardson brothers. Maximus obviously sees opportunities to push ahead as others batten down the hatches.

Managing director Paul Jones said: “We are seeing occupier demand holding up. While everyone else is downing tools we are still receiving inquiries and people want to do deals with us.

“We are committed to carrying on building and we are continuing to work with our strategic funding partners to resource projects.

“It is a difficult period for all of us. But at Maximus we stick to the property fundamentals, we have low gearing and because of that we are in an advantageous position set against the majority of our competitors. It enables us to be opportunistic.”

He described the joint venture with Simon Corner, who worked with what is now Richardsons Capital for 20 years, as “a pivotal move”.

“Simon is an established individual on the West Midlands property scene.

It is a natural fit for us in terms of our resources and leveraging off his experience,” he said.

Mr Jones said the two businesses hoped within days to announce a £12.5 million scheme for a site beside one of the region’s motorway junctions.