It's been a while since I updated my blog, which is a reflection on how busy we have been. There has been a lot going on.
Firstly, we have completed the 75% acquisition of Solaris Developments Limited from Stephen Spooner. The business has been renamed Recept Asset Management and Stephen and Cass have come on board as part of that acquisition. Recept AM retains the management of four large Solar PV sites in the UK and we will be looking to build on that expertise over the coming months. As Stephen said in his last blog, we expect to see more consolidation in the sector which will provide opportunities for us.
We are also expanding the asset management business into commercial property more generally leveraging our expertise to acquire, sell manage and finance property on behalf of owners and occupiers. The existing business, which already manages significant amounts of client money provides a platform with the appropriate internal controls and compliance.
As well as asset management we will continue to use our consulting platform to advise investors on investment, development, finance and portfolio issues. At any one time, most CEO's have too many opportunities, and from time to time too many problems, to be effectively dealt with in-house; that is where Recept can, and do, help.
In the last twelve months, we have, for various clients, raised bridging finance, provided independent expert advice, undertaken development management and provided lettings and sales advice. One particular project, on which we are still working, has been to troubleshoot the development and construction of a 5 Star boutique London hotel, which had suffered delays and cost overruns.
On top of all that, we have moved offices, our new premises were secured on excellent terms because we were able to use our commercial acumen to take advantage of a situation where a title defect rendered the premises virtually unlettable in the open market.
As ever, if you need any help, or just have questions, please give us a call.