Joint venture will be known as Capital & Centric Plc

Manchester developers Capital Properties and Centric Property Group are to merge to create Capital & Centric Plc.

Capital’s Adam Higgins and Centric’s Tim Heatley decided to pool resources after meeting earlier this year.

The pair intend their new venture to handle a broader range of projects than either company had addressed individually. They plan to build a portfolio by growing organically without exposure to excessive debt.

Adam Higgins said: “Tim is somewhat of a public funding specialist and is used to working with public sector bodies in leveraging finance. We are looking at several further schemes involving public funding which will continue feeding the employment generating development. My background has tended to be more private sector retail-based, so joining the companies together creates a balance in terms of project mix and skills.”

Tim Heatley added: “The current market provides an opening for companies run by individuals with extensive experience but without the legacy of servicing debt within their portfolio. This provides a great opportunity for an agile developer such as Capital & Centric Plc.”

Grant Thornton chartered accountants and Ward Hadaway solicitors advised on the merger.