North West property company ‘capable of great things’ following acquisition
Commercial real estate development, investment and management company Network Space Holdings has been acquired by North West businessman Richard Ainscough.
Richard signed a deal to acquire the company and its subsidiaries by purchasing share interests held by the Ainscough family.
Network Space Holdings is now a wholly owned subsidiary of Richard’s Datum Edge Limited business.
He became the company’s group managing director in June 2015 and worked to rebrand, restructure and refocus it for growth.
In June 2016, Network Space posted a record profit before tax of £19.2m. That figure rose to £27.8m a year later.
Richard decided to purchase the company as his father, property professional Bill Ainscough, who turns 70 this year, has gradually reduced his involvement in running the business.
Richard said: “This is a huge opportunity for me. I joined the business nearly 10 years ago, in the middle of the recession, and have worked my way up.
“Along the way I have learned so much, especially from those I have been lucky enough to work with. Our recent success is a result of initiatives employed during this time which have in turn enabled us to take advantage of a recovering property market.”
He added: “I have tried to make sure that we are a very forward and outward looking business so that we can take advantage of the advances in technology and changing consumer habits that will affect our market.”
Speaking further, Richard said he believes Network Space is “capable of great things” and, through the acquisition, he has personally made “the biggest possible commitment to it”.
He continued: “Network Space has always been a family business and by doing this deal I have secured its continuation into the next generation.”
Network Space focuses on industrial sector projects in the North. It is headquartered in Newton-le-Willows.
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