Owning it. | Episode-2
Business conversations with Ian Baggett from Adderstone Group | Episode 2.
Business conversations with Dr Ian Baggett of Adderstone Group Ep.2
About the Series 'Owning it.'
Read on to learn more about our brand new podcast series...
The brand new series of business conversations brought to you by Haines Watts aims to uncover the trials and tribulations of being a business owner, from the highs and the lows to everything in between. What keeps a business owner up at night, what lessons have they learned, and what advice have they got to offer other business owners? The raw, honest, and un-sugar coated truth about the pitfalls and triumphs of managing a business.
The series is led by Professor Damian Hughes, an international speaker and bestselling author who combines his practical and academic background within sport, organisational development and change psychology, to help organisations and teams to create a high performing culture.
Damian is the author of eight best-selling business books, and delivers the High Performance Podcast series along with Jake Humphrey. He has vast experience meeting and interviewing remarkable individuals and uses this to gain a real insight into what drives people, but he also brings about a genuine warmth and inquisitive style that makes him so endearing and encourages people to be so open and candid.
Damian is the author of eight best-selling business books, and delivers the High Performance Podcast series with presenter Jake Humphrey.
From this wealth of knowledge and experience, this series can offer untapped insight and exploration of thought into how to run a successful business whilst remaining mentally resilient.
The episodes within this first series see us interview a variety of clients across the country to find out what drives and motivates them in running their own business.
Watch the video: \Game, set and match.
Please click 'Read on' below to watch episode 2 with Ian Baggett of Adderstone Group.
Click the play button to watch the video.
Listen to the full podcast: Game, set \and match.
Please click 'Read on' below to listen to the full podcast with Ian Baggett, Adderstone Group.
Listen to the full podcast...
The video shows the highlights of the podcast but you can listen to the full interview audio below.
We would love to get your feedback on our second episode in the series, if you would kindly complete the poll, this will help steer our future content for Owning it.
Tell us what you liked best about this episode:
- Hearing about Ian's upbringing.
- The advice Ian gave about leadership and building a career.
- The charity element and how he is committed to helping the North East region.
- The supplementary information provided in this digital guide.
About Dr. Ian Baggett
CEO | Adderstone Group
DR IAN ROBERT BAGGETT BSC (HON'S), PHD, FRGS
Ian Baggett is the Founder CEO of Adderstone Group, one of the largest privately-owned property companies in the North East of England.
Ian was brought up in a mining village and became the first person in his extended family to attend university. Whilst attending Durham University, Ian carried out an undergraduate dissertation on "The geography of student accommodation in and around Durham city" that doubled up as a business plan. He used that, along with a £2,000 inheritance, to raise a £13,000 loan from Northern Rock to buy a terraced house in a Durham mining village for £15,000. Adderstone Group's commercial portfolio is now valued at £150m, and some 3,686 people live in homes developed by its residential division.
Ian was voted North East Entrepreneur of the Year by his peers in 2007 and nowadays finds himself negotiating deals with some of the world's largest real estate funds such as Starwood Capital and Blackstone.
Prior to focussing full-time on building Adderstone Group, Ian had a short career as a tennis professional and served as a commissioned officer in the Royal Navy in the run-up to the 1997 handover of Hong Kong. He also completed a PhD in Political Geography at Durham University and is a published author.
As a shareholder director of Turbo Power Systems Limited, he and fellow directors orchestrated a management buyout from global mining giant Vale and subsequently delisted it from the Canadian stock exchange. His combined experience in business, military and geopolitics make him a valued shareholder and director of defence and counter-drone specialist, OpenWorks Engineering Limited. He was also a founding shareholder and director of what has become one of the North East's largest contracting businesses, Brims Construction, and cofounded the leading digital agency, Shout.
Ian has founded over 50 companies, which have delivered £1.1bn worth of economic output, 7,900 construction jobs and 10,865 supply chain jobs.
In 2007, Ian formed the Adderstone Foundation, which has supported a range of causes from tennis development for juniors and the visually impaired, supporting armed forces veterans, through to postgraduate scholarships for Afghani women.
He is currently Chair of the Employability Group for HMP Northumberland and has held visiting fellowships at Durham and Northumbria Universities.
A keen sportsman, Ian has represented Great Britain at tennis, was a winning crew member in the Contessa fleet at Cowes week 2019, and is a veteran of the UK Iron Man. At home, Ian is a proud father of three and enjoys spending his spare time with his family on the Northumberland Coast.
Research statistics provided by Nathaniel Lichfield and Partners Limited in 2020.
In 2007, Ian formed the Adderstone Foundation.
Find out more
• Shoe Dog by Phil Knight
• Open by Andre Agassi
• Hong Kong by Jan Morris
• Close the Coal House Door by Alex Glasgow
• Don Quixote by Miguel de Cervantes
• Zen and the Art of Motorcycle Maintenance by Robert M. Pirsig
• Thinking Fast and Slow by Daniel Kahneman
• The Rational Optimist by Matt Ridley
• Brothers in Arms by Dire Straits
• Summon the Heroes by The Band Of H.M. Royal Marines
About Adderstone Group
Adderstone Group HQ, The Fleming in Jesmond
Adderstone Group is a property development and investment business committed to creating inspiring and sustainable places where people work, rest and play.
Hanover Point - Development by Adderstone Group
Established in 1993, headquartered in Newcastle upon Tyne, with its London office in Mayfair, the Group has become renowned for tackling some of the most challenging regeneration projects. Its £200m development pipeline sits alongside a nationwide investment portfolio comprising assets valued at £150m across a range of sectors. More than 3,686 people now live in homes developed by Adderstone with in excess of 1,946,212 sq. ft. of commercial floor space developed or owned by the Group.
Always willing to build rather than buy yield, the team at Adderstone has delivered a number of award-winning projects such as Pipewell Quay on Gateshead Quays, Baker's Yard on the site of the former Greggs Plc HQ, Quay West Business Park on the historic Austin & Pickersgill shipyard, their Manors and upper Ouseburn student villages and Plantain Place in the Shard Quarter, London. The team was described as "heroes of the built environment" by the editor of the Newcastle Journal for their work in salvaging and securing the future of the last remaining working Victorian theatre in the world, the Grade 1* Tyne Theatre.
After being crowned the fastest-growing large company in the North East in the 2020 Ward Hadaway Fastest 50 Awards, Adderstone Group launched its dedicated social housing division, Adderstone Living, which is currently developing affordable homes in partnership with various Housing Associations. The Group also raises much-needed funds and support for causes through the Adderstone Foundation. The Foundation doesn't just focus on the North East; it aims to positively impact people's lives within the UK and further afield.
Recruiting and nurturing talented, ambitious colleagues from all walks of life is key to the Group's success. From construction teams welcoming ex-offenders, armed forces veterans, university students and graduates to shareholders, directors and professionals championing women in property, the prevailing culture is one of inclusivity and creativity. Overall, the team is restlessly passionate about its collective goal to create inspiring and sustainable environments.
Pipewell Quay - Development by Adderstone
Managing Partner | Haines Watts North East
The team at Haines Watts North East work with a wide variety of property development and construction businesses across the region and throughout the UK, supporting them with everything from compliance work and specialist VAT advice to research and development tax relief claims.
Donna is Regional Managing Partner at Haines Watts North East who have worked with the team at Adderstone since 2019.
Having worked in the profession for over 25 years, Donna is proud to work with entrepreneurial business owners with a growth mindset in the North East region, helping them to achieve their personal and business ambitions. Speaking on working with Adderstone, Donna said:
Industry Insight: Building Project Development
INDUSTRY INSIGHT PROVIDED BY IBIS WORLD
Building Project Development
Operators in the Building Project Development industry bring together the financial, technical and physical resources required to complete a property development. Upon completion, the property may be delivered to a client for subsequent use or sale, or the developer may retain equity interest and derive income via rental fees charged. The financial and operational performance of development markets rests on a number of economic and socio-economic factors, ranging from property valuations and price movements to market sentiment and credit conditions.
Industry revenue is estimated to increase at a compound annual rate of 2.8% over the five years through 2020-21, to reach £30.6 billion. Despite the EU referendum dampening investor sentiment and cooling property markets, the collective performance of UK property developers remained resilient in the years prior to the COVID-19 (coronavirus) pandemic. Against a backdrop of policy support, high levels of investment in the housebuilding market translated into strong demand for development solutions. Moreover, growth markets in the business sector aided demand for newly developed office space. However, the economic shock caused by the coronavirus pandemic has wiped out recent gains in property development markets. Severe supply chain and market disruption due to the pandemic has resulted in market sentiment falling. Relative to the property market, transaction activity fell, property values initially depreciated and rental fee income stalled, all before pent-up demand was subsequently released post-spring 2020 lockdown.
However, due to a lacklustre period, many property developers posted significant net deficits on the revaluation of property portfolios and warn of reductions in both income and profit. In 2020-21, industry revenue is expected to plummeted by 15.1% year-on-year.
Gainsborough House - Adderstone Group Investment
Reflecting market recovery and the underlying need for development activity, industry revenue is forecast to rise at a compound annual rate of 2.5% over the five years through 2025-26 to reach £34.5 billion. However, the full extent of the economic fallout from the pandemic remains uncertain and, for the foreseeable future, developers will likely remain concerned with regards to cash balances and insolvency pressures.
At least through the near term, property markets are expected to be somewhat volatile, particularly in the retail segment as the pandemic has only exacerbated troubles among bricks-and-mortar retailers.
Pipewell Quay - Development by Adderstone Group
Industry revenue is forecast to rise at a compound annual rate of 2.5% over the five years through 2025-26 to reach £34.5 billion.
Development at a glance
Industry overview provided by IBISWorld.
IBISWorld provides trusted industry research on thousands of industries worldwide. Their in-house analysts leverage economic, demographic and market data, then add analytical and forward-looking insight, to help organisations of all types make better business decisions.
Visit the Ibis website here
About the venue
ABOUT THE VENUE
Close House was built in 1779 for the private use of the Bewicke family; however, it’s history dates back almost 800 years, to the early thirteenth century.
During the thirteenth and fourteenth centuries there is evidence of a monastic house at the site, which was owned at the time by the Turpin family and then later by the Read Family. The property remained in the hands of the Read Family for several generations until George Read eventually sold the site to Robert Bewicke in 1626.
Robert Bewicke was a Merchant Venturer who was made Sheriff of Newcastle in 1615 and Mayor in 1628 and 1637. Thus began the long association of the Bewicke Family with Close House.
In August 2004, Newcastle University sold Close House Mansion and golf course, together with the estate, to local businessman Graham Wylie, who would develop it into the most sought-after venue in the North East of England, offering a wider range of facilities than ever before. The property opened for business in March 2005. In 2007 Close House became a luxurious and tranquil retreat only 15 minutes from Newcastle City Centre offering conferences, meetings, and the finest quality golf.
2011 was one of the most notable years for the recent history of Close House. Lee Westwood, the No.1. golfer in the world at the time, opened the new 18 hole golf course. Lee Westwood also became the official attached tour professional at Close House, putting Close House on the global golf map.
This new 18 hole golf course was voted one of the top 100 golf courses in England shortly after it opened. The new No.19 clubhouse and restaurant opened the same year. The success of No.19 has led to the clubhouse becoming a destination restaurant. The focus at Close House was now very much on golf as the membership grew and Close House invested in the state-of-the-art golf facilities.
2012 saw the opening of the Courtyard suite-style accommodation. The rooms provided the ultimate luxury for Close House visitors and provided the perfect place to retire after a hard day on the golf course! The development continued into 2013 with the opening of the new Terrace rooms enabling Close House to accommodate more golfers.
Lee Westwood endorsed the facilities by adding his name to the courses. Close House now offered the world’s only Lee Westwood golf courses. Further developments continued into 2013 with almost £1,000,000 investment in the Lee Westwood Filly Course.
The renovation included the addition of new bunkers, greens, furniture and rerouting. The Lee Westwood Filly Course complements the Lee Westwood ‘Championship’ Colt course making Close House the perfect destination for stay and play visitors. Close House was also awarded the ‘service’ award from the North East Chamber of Commerce in this year.
The spring of 2014 saw the opening of the new 9 hole pitch and putt course to further enhance the golf facilities at Close House.
Lee Westwood endorsed the facilities by adding his name to the courses. Close House now offered the world’s only Lee Westwood golf courses.
Before we let him escape we asked Ian a few fun questions about himself...
Coming up in the next episode Damian interviews Ben Foster-Rankine from Zeal Global - stay tuned for the release date!