Dou­ble for ur­ban­bub­ble

PROP­ERTY MAN­AGE­MENT SPE­CIAL­ISTS SEE 46PC RISE IN REV­ENUES

Manchester Evening News - - BUSINESS - By SHELINA BEGUM

RES­I­DEN­TIAL prop­erty man­age­ment spe­cial­ist ur­ban­bub­ble has dou­bled rev­enues with plans for fur­ther growth.

The group of four busi­nesses com­pris­ing its Manch­ester and Liver­pool op­er­a­tions, sales and let­tings and short-stay let­tings op­er­a­tion Ur­bana, saw rev­enues in its fi­nan­cial year to the end of June 2019 in­crease by 46 per cent to £5.55m from £3.8m in the pre­vi­ous 12 months.

Manch­ester-based ur­ban­bub­ble’s core busi­ness achieved to­tal rev­enue of £3.69m in the most re­cent fi­nan­cial year, rep­re­sent­ing an in­crease of 46 per cent from £2.65m in the pre­ced­ing 12 months.

The group ex­pects to achieve turnover of £8m in the year to June 2020 and £11.5m in the fol­low­ing 12 months to June 2021.

ur­ban­bub­ble re­ported earn­ings be­fore in­ter­est, tax, de­pre­ci­a­tion and amor­ti­sa­tion (EBITDA) of £225,000 across its busi­ness, re­flect­ing ma­jor in­vest­ment in the group to pre­pare for growth which be­gan in the fourth quar­ter of 2018.

The group is fore­cast to im­prove earn­ings to £620,000 by June 2020 and a to­tal of £1.3m by June 2021.

Michael Howard, founder and man­ag­ing di­rec­tor of ur­ban­bub­ble, said: “Along­side strong rev­enue growth for the next five years where we ex­pect to con­tinue to post 40 per cent sales growth over the same pe­riod, the se­nior lead­er­ship team is com­mit­ted to driv­ing con­tin­ued an­nual im­prove­ments to EBITDA through lev­er­ag­ing of our scale, op­er­at­ing ef­fi­cien­cies and the use of tech­nol­ogy with our res­i­dents and own­ers.”

As part if its growth plans, Mr

Howard said ur­ban­bub­ble had in­creased its head­count to 250 full-time staff with the num­ber ris­ing to 320 by June 2020 and to 400 by June 2021, led by a se­nior lead­er­ship team of seven in­clud­ing him­self, a non-ex­ec­u­tive di­rec­tor and an ad­vi­sor. The busi­ness he founded 10 years ago from his apart­ment in the North­ern Quar­ter now man­ages a com­bined to­tal of 10,000 res­i­den­tial units through­out Eng­land on be­half of prop­erty de­vel­op­ers and in­sti­tu­tional in­vestors Le­gal & Gen­eral and DTZ In­vestors (DTZi).

The se­nior lead­er­ship team is com­mit­ted to driv­ing con­tin­ued an­nual im­prove­ments

Michael Howard

ur­ban­bub­ble has plans for fur­ther growth

SHELINA BEGUM [email protected] @She­li­naBegum_

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