Richard Ainscough has completed the outright purchase of Network Space Holdings and its subsidiaries by acquiring the share interests held by the Ainscough family. The acquisition means that the business is now a wholly owned subsidiary of Datum Edge Limited, a company solely owned by Richard.
Soon after taking on the role of group managing director in June 2015, Richard rebranded, restructured and refocussed Network Space, a move which quickly produced record financial results. In June 2016 the group posted a record pre-tax profit of £19.2m, followed in June 2017 by another record £27.8m. The current business structure and future strategy is largely Richard’s design with the support of the company’s executive directors.
The decision to purchase the business came as Richard’s father, highly regarded property professional Bill Ainscough, turns 70 and has been gradually reducing his involvement in the business. Richard (age 39) worked with Bill to strike a commercial deal at market value that also ensured Network Space could remain agile and continue its growth strategy.
Richard Ainscough 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.
“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. “For example, we have just made a very significant investment in our IT management systems that provide the kind of visibility and efficiency previously unheard of in our sector. Whilst we have traditionally been largely self-invested, I believe that our operational capability exceeds our financial capacity and so we are looking to provide our development, investment and management expertise to like-minded, value seeking investors.
“I truly believe our business is capable of great things and so I have made the biggest possible commitment to it. Network Space has always been a family business and by doing this deal I have secured its continuation into the next generation.”