Mac Mic Group appoints new CEO and launches UK-wide investment programme
Mactaggart & Mickel Group has appointed Paul McAninch as its new CEO as it unveils plans for significant growth across the business.
Mr McAninch steps into the role after seven years as Group Finance Director, replacing Ed Monaghan who retires after a career at Mactaggart & Mickel spanning more than 40 years.
He takes the job as the Group looks to invest significantly in its UK-wide portfolios of strategic land and private rental property.
The new investment plan will include growing the Group’s English strategic land revenue by £33m over the next five years. This year, it aims to invest £8m in new high-quality energy efficient private rented homes, as part of a programme to increase the value of its portfolio from £71m to more than £100m by 2027.
The investment strategy follows the sale earlier this year of the Group’s Scottish housebuilding and Timber Systems division to Springfield Properties. The agreement delivers £46m to the Group over the next five years. This is bolstered by a bank facility of £30m to provide a strong platform for growth.
Said Paul: “It is an honour and hugely exciting time to be leading a well-respected and successful business with its eyes firmly on the future.
“Since Mactaggart & Mickel was established in 1925, we have adapted as circumstances around us have changed. We remain strongly focused on delivering living spaces and communities where people can enjoy the best quality of life.
“However, we have seen how the property market is changing and our strong capitalised base and liquidity gives us the resources to invest in new opportunities. We are engaging in new partnerships to deliver high-quality homes for sale or rent in desirable locations across the UK.”
The Group’s divisions include:
- Its UK strategic land team, which has more than 80 developments totalling over 3,500 acres in England and a further 2,500 acres in Scotland. This team has doubled in size over the last 18 months and last year worked on sites with capacity to deliver over 18,000 new homes.
- A £71m portfolio of around 400 private rented properties in desirable locations, including in London and Edinburgh. This has been a feature of the Group’s activities since the early 1930s.
- Business with future niche developments across the Central Belt of Scotland and joint venture interests such as its partnership in the 4,000 homes development at Shawfair, Edinburgh
- An investments division, chaired by Paul since 2019, which has invested in 74 companies with an asset value of £8.4m.
Paul added: “Our approach builds on our track record in areas where we have been active for some time.
“It reflects what our core purpose has always been: to provide quality housing for people in areas where they want to live. We aim to increase this activity significantly over the next few years as we grow the team and expand our footprint.
“By working with local councils, housebuilders and communities, we can unlock capacity to deliver new homes where they are needed.”
Paul has worked for the Group for around 20 years, including most recently its Finance Director, Managing Director of its Investment Fund and Chairman of its Investments Division. He retains his roles as a Board member of Shawfair LLP, non-executive director of prop-tech business iOPT and as an advisory committee member of the YFM Equity Partners Buy Out Fund I.
Mactaggart and Mickel Group Director Andrew Mickel said: “Working with directors, Paul has played an integral role in setting the Group on a path to future growth and success.
“We are delighted to confirm his appointment and are encouraged by the strong platform the Group has, to invest and continue to grow.
“We look forward to supporting him and the team as they deliver the Group’s growth ambitions.”
