| Type | Public (LSE: SMP) |
|---|---|
| Industry | Property and Regeneration |
| Founded | 1966 |
| Headquarters | Head Office: Birmingham, UK |
| Key people | Bill Shannon, Non Executive Chairman Bill Oliver, CEO |
| Revenue | £121.4 million (2010)[1] |
| Net income | £38.3 million (2010)[1] |
| Website | www.stmodwen.co.uk |
St. Modwen Properties plc (LSE: SMP) is a British-based property investment and development business specialising in the regeneration and remediation of brownfield land and urban environments. It is headquartered in Birmingham and owns a portfolio of over 180 property investment and development sites across the UK.
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The business was founded by Stan Clarke and Jim Leavesley in 1966 as a property development business called Clarke St. Modwen.[2] In 1986 the management reversed the business into Redman Heenan International plc, a listed former engineering concern that had become a shell company.[2] At that time the name was changed to St. Modwen Properties plc.[2] In the 1980s the company developed the Stoke-on-Trent Garden Festival site.[2]
More recently the company has taken ownership of large former industrial sites such as the former MG Rover site at Longbridge.[3] Other sites in St. Modwen's development portfolio include the brownfield reclamation site at Llanwern and the town centre sites at Edmonton, Farnborough and Wembley Central[2] as well as the Great Homer Street site in Liverpool[4] and the Melton Park site in Hull.[5]
The company has a long-standing and consistent strategy: to add value to the properties it controls through remediation, progressing through the planning system, asset management, development and delivery by its centralised and regional teams.
St. Modwen’s business strategy has evolved to ensure that its longer-term development activities are underpinned by a recurring income stream from its portfolio of income producing, secondary assets. With a land bank of over 5,700 acres, the Company has three main areas of focus to the business: - Income producing investments (50% by value of the portfolio) - Residential Land (38% by value of the portfolio) - Commercial Land (12% by value of the portfolio).
The land at the former MG Rover Longbridge site was obtained by St Modwen Properties at a fraction of the actual value after the company paid a £100,000 commission to a firm run by an associate of the Phoenix four. This commission was later described as a "bribe" by inspectors looking into the collapse of MG Rover.[6] St. Modwen firmly dismisses this assertion.[7]