Richard Ainscough has completed the outright acquisition of Network Space Holdings, a commerical property developer, investor and manager specialising in the industrial sector across the North.
The share interests in Network Space Holdings, based in Newton-Le-Willows, and its subsidiaries held by the Ainscough family have all been snapped up, with the deal meaning that the business is now a wholly-owned subsidiary of Richard Ainscough’s Datum Edge Ltd.
The acquired company retains and manages a proprietary modern investment portfolio. Over the next five years, it is forecast to provide more than 2.5 million sq ft of new industrial space across the Northern Powerhouse region.
Soon after taking on the role of group managing director at Network Space in June 2015, Ainscough rebranded, restructured and refocussed the business in a move which led to record financial results. In June 2016, the group posted a pre-tax profit of £19.2m, with that figure increasing a year later to £27.8m.
The decision to purchase the business comes as Ainscough’s father, Bill, turns 70 and has been gradually reducing his involvement in the business.
“This is a huge opportunity for me,” said Ainscough. “I joined the business nearly ten 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.”
Ainscough believes the business is “capable of great things”.
“Network Space has always been a family business and by doing this deal I have secured its continuation into the next generation.”
Main photo – Richard Ainscough