Two directors of Edinburgh-based property developer Quartermile Developments have launched a new business following a management buyout (MBO).
Chief executive Paul Curran and finance director Mike Milligan have purchased the entire share capital in Quartermile Edinburgh Limited from a fund managed by London-based property fund manager Moorfield Group and funds managed by US-based Baupost Group for an undisclosed sum.
Quartermile Developments has been responsible for the mixed-use redevelopment of the former Edinburgh Royal Infirmary site in the capital. The company is also currently building 145 homes at its 52-acre Craighouse development in the city.
The new holding company is called Qmile Group and is headquartered in Edinburgh. All Quartermile Developments’ 17 employees remain with the business. Qmile is looking to expand across other key cities in the UK.
Curran said: “With the final phases of Quartermile nearing completion it was natural for us to consider future opportunities. Our Craighouse development was already underway and selling well off-plan due to the strength of the Quartermile brand and our national and international reputation for design and build excellence.
“Our relationship with both Moorfield and Baupost has been excellent from very beginning; against this backdrop we were able to complete an MBO quickly and to everyone’s satisfaction.
“We now look forward to further implementing our strategic growth plans for Qmile Group. We are already exploring a number of mixed-use, residential and commercial opportunities and assessing various funding opportunities.
“Qmile Group will initially have a Scottish focus but our ambition is to expand across the key cities in the UK.”