Former rugby star tackling bright future as a property developer
Former rugby ace Xavier Rush is using a £1.1m loan from the Development Bank of Wales to further his new career as a property developer. Business editor Sion Barry reports on the latest string of business acquisitions and fundraising deals in Wales...
FORMER All Blacks and Cardiff Blues rugby player Xavier Rush has revealed plans to renovate a former chapel.
Through his business X-Stream Properties, which he established in 2016, Mr Rush is turning the grade listed Pen-y-Fal chapel in Abergavenny into six townhouses.
And the project is being backed with a £1.1m loan from the Development Bank of Wales.
Mr Rush set up the business after retiring from professional rugby.
A recent project saw the firm transforming the West Aberthaw Barns in the Vale of Glamorgan into a state-ofthe-art property, acquired by Orbis Education and Care for the residence of autistic adults.
Set within the grounds of the former Pen-y-Fal hospital, the Victorian chapel at Sycamore Avenue, Abergavenny, will be renovated over a nine-month period.
Mr Rush said: “Spread over three floors, the six townhouses will be perfectly situated in a beautiful parkland setting, yet less than a five-minute walk from the bustling market town of Abergavenny.
“It is a great location for commuters as there is a train station nearby and swift access to primary road links.
“Food-lovers can also enjoy the internationally-renowned food festival and some of the best restaurants in Wales.”
He added: “The loan from the development bank will enable us to breath new life into the chapel to the highest specification – creating accommodation that exceeds the expectations of the most discerning buyers.”
Nicola Crocker, property development executive with the development bank, who has been working with Mr Rush, said: “We are here to help small to medium-sized developers make a big impact across Wales.
“Xavier’s vision is to create unique living spaces in desirable locations and this will hopefully be one of many similar developments for Xavier.
“We were immediately keen to support his latest development given the attractiveness of Abergavenny and the appeal of the properties being created.
“The short development period will enable us to recycle the funds into further development opportunities in Wales.”
SPINDOGS...
Digital marketing agency Spindogs has completed a second acquisition with the purchase of Sloughbased Unified Digital Solutions. Founded in 1995 by technical sirector Peter Johnson, Unified has a turnover of £800,000 and specialises in developing digital solutions for memberbased organisations. Clients include The Ramblers, British Marine and Northumbria Police. All 12 staff will transfer to Spindogs with immediate effect. Established in 2004 by its managing director Liam Giles, Spindogs now employs some 47 staff from offices in Cardiff and Oxford.
The team completed their first acquisition in 2016 when merging with Nuance and Fathom. Existing clients include Triumph Motorcycles, Cardiff Airport, Tidal Lagoon Power, Sony UK Technology Centre and Coffee#1.
Mr Giles said: “The success of the acquisition of Nuance and Fathom has given us the confidence to pursue further opportunities. Furthermore, our investment in Oxford is really starting to pay off with strong growth.
“The time is, therefore, now right to invest in our future and embrace the benefits of scale with the acquisition of businesses that add value to our brand throughout the UK as we look to expand our geographical presence.
“Unified has a brilliantly-talented team and we are really pleased to have them on board as we unite to deliver even more leading-edge digital marketing solutions to our rapidly-growing client portfolio across the UK.”
Peter Johnson, technical director of Unified Solutions, added: “We’ve worked hard to build Unified over the last two decades and we are very proud of all that the team has achieved.
“From our initial conversations with Spindogs, we felt the commercial and cultural fit was strong. We are delighted to be benefiting from their expertise and we are sure that both our staff and clients alike will appreciate being part of such a strong brand in the world of digital marketing.”
LETMC.COM...
Cardiff-based specialist letting and estate agency software company LetMC.com has completed a management buyout to demerge from Pinnacle Group after a £500,000 funding package from Barclays.
Established in 2004 as a division of Pinnacle, LetMC.com has grown rapidly, employing 22 staff and now provides software packages and ongoing support for more than 1,000 independent estate agents and letting agencies across the UK.
Glyn Trott, managing Director at LetMC.com, said: “With the rise in ‘proptech’ and online estate agent’s software development is playing a bigger and bigger role in the property sector. As the founder of LetMC. com, the MBO seemed the natural evolution to ensure I could allocate further capital to the grow of the business.
“Initially I felt the only option would be to give away equity to raise capital which would dilute my shareholding and ultimate control, so when Barclays offered to provide debt finance, I was delighted as this allowed me to take the business in my chosen direction while maintaining full control.
Barclays Business manager Jason Coleman said: “We are delighted to support the MBO and wish the busi-