St. Modwen Properties
|Type||Public (LSE: SMP)|
|Industry||Property and Regeneration|
|Predecessor(s)||Clarke St. Modwen
Redman Heenan International plc
|Headquarters||Birmingham, United Kingdom|
|Key people||Sir Stanley Clarke CBE, (co-founder)
Jim Leavesley, (co-founder)
Bill Shannon, Non Executive Chairman
Bill Oliver, CEO
|Revenue||£219.1 million (2012)|
|Operating income||£64.5 million (2012)|
|Net income||£42.3 million (2012)|
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.
The business was founded by Sir Stanley Clarke CBE and his brother-in-law Jim Leavesley in 1966 as a property development business called Clarke St. Modwen. In 1986 the management reversed the business into Redman Heenan International plc, a listed former engineering concern that had become a shell company. At that time the name was changed to St. Modwen Properties plc. In the 1980s the company developed the Stoke-on-Trent Garden Festival site.
More recently the company has taken ownership of large former industrial sites such as the former MG Rover site at Longbridge. Other sites in St. Modwen's development portfolio include the brownfield reclamation site at Glan Llyn and the town centre sites at Edmonton, Farnborough and Wembley Central as well as the Great Homer Street site in Liverpool.
The company has a strategy to add value to the properties it owns through remediation, enhanced planning approvals and asset management. The company's portfolio comprises some 5,800 developable acres. The portfolio was valued at £1.1bn at 30 November 2012.
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. St. Modwen firmly dismissed the assertion.