Residential developer sets out ambitious growth plan after investment boost from Singapore shareholder

Fairbriar has embarked on an ambitious expansion plan, aiming to increase annual profit to 拢10m in the next three years.

The quoted residential developer is to restructure the business and management after one of its long-standing shareholders, a Singapore vehicle called CPL (UK), increased its stake to 29%.

Chairman Kevin McCabe, who is also the chairman of Sheffield United FC and head of property companies Scarborough and Teesland, said that the aim was to increase profit to 拢5m over the next year and to double that to 拢10m within three years. The company made a profit of 拢400,000 in 2003 on a 拢4.8m turnover.

鈥淲e will go for growth and profitability,鈥� said McCabe, who has a 30% stake in Fairbriar. 鈥淲e will not be content until we鈥檝e built this into a big company.鈥�

鈥淲e are not trying to be foolish about expansion; we are saying that we should be more aggressive than we have been in the past.鈥�

Fairbriar plans to increase its number of joint-venture schemes, which already include the 442-unit Wandsworth Riverside Quarter in south London.

We will be more aggressive than in the past

Kevin McCabe, chairman

On Thursday, Fairbriar will officially open a 133-unit serviced apartment scheme in the La D茅fense area of Paris. McCabe said that he also hoped to extend the network to Barcelona, Madrid and Prague.

He added that developer would also focus on mixed-use schemes: 鈥淭hey鈥檙e becoming the norm and I see Fairbriar as being a joint-venture partner in that area.鈥�

It is expected that two individuals from CPL, which is a subsidiary of Singapore group Fraser & Neave, will be appointed to Fairbriar鈥檚 board.

It is also expected that a chief executive will be appointed as part of the restructuring process.

Fairbriar parted company with former chief executive Philip Van Reyk in April.