Wakeford family-owners to split up Stepnell Group

Aaron Morby 3 months ago

The fifth-generation family owners of Rugby-based Stepnell Group are splitting ownership and management of the business among its parts and associate companies.

The demerger of the construction, property and solar, care and retirement interests will essentially be split between the two main shareholder groups.

Sons of veteran director Peter Wakeford will take on property and construction, while the sons of now-deceased brother Robert Wakeford will take on a group of investment, solar energy and retirement living operations.

(L-R) Tom and Edward to run construction and property; Mark and Richard take on mix of Stepnell companies

Tom Wakeford, presently co-managing director at Stepnell, will run Stepnell Construction as sole managing director.

His brother Edward Wakeford will continue to manage the group property investment and development portfolio. 

Their cousins, Mark Wakefield, presently group co-managing director, and his director brother Richard Wakeford, will oversee the Evoenergy, Brackley Investments, Whitecross PFI contract and Aspen Retirement.

Mark and Richard will remain involved within the construction industry.

Tom Wakeford said that now the future direction and policy for the management of each of the separate groups of businesses will be determined by their respective directors and shareholders to enable those businesses to flourish, develop and adapt.

He said: “This is a totally amicable arrangement and has been part of a longer-term plan.

“It allows each director to follow their passions and particular interests. While the two groups will be entirely separate, we fully expect that there will be beneficial synergy to respond to common opportunities.”

Mark Wakeford said: “Over the past few years the two major shareholder groups have taken lead roles in different entities within the group of companies.

“This demerger will allow a greater focus on the businesses within the two new groups in the interests of adding the most appropriate value and support. 

“Demerging a 150-year-old group has taken some time and the shareholders have worked hard to ensure that there are two strong and stable businesses.

“The result will be two new groups that can focus effectively on their customers within their given markets. All shareholders support the changes which have been cordially agreed.”

The de-merger will come into effect at the end of April.


Latest news

Osborne makes £45m construction loss

Sale of infrastructure business balances books as contractor looks for zero-carbon wins
8 hours ago

John F Hunt forecasts record revenue and profits this year

Demolition contractor back on strong financial footing after previously setting aside £5.6m for bid rigging probe
7 hours ago

Notting Hill Genesis names £2.8bn framework winners

26 firms land places on main contractor deal: Full list
7 hours ago

Green light for dual hotel scheme at Nine Elms

Two new hotel towers will share common basement
7 hours ago

Trials start on cement-free pre-cast piles

Aarsleff is hopeful a product will come to the market shortly
8 hours ago

Ex-Telford Homes boss to run green house builder

Jon Di-Stefano takes helm at M&G backed Greencore Construction
8 hours ago

Subcontractors told to stop work on Brymor sites

£80m revenue southern contractor files letter of intent to enter administration
1 day ago

House builder Chartway sold to private equity firm

Cabot Square Capital signs another major construction deal
1 day ago

Murphy Group appoints new chairman

Capita chairman and investment banker John Cresswell to start in November
1 day ago

Tolent seals £40m Newcastle ‘future-living’ housing job

135-home Vaux scheme will be first of four neighbourhoods totalling 1,000 homes
1 day ago

Cruden takes first job at £1.3bn Edinburgh Waterfront scheme

Preferred bidder named for first 750 net zero homes at new Granton Waterfront coastal town
1 day ago

Trio of student towers to be built at Brent Cross Town

Ground works under way with main contractor due to be appointed next month
1 day ago

Keltbray gets start date for £50m motorway upgrade

Contractor hails "significant step forward" for highways business
2 days ago

Site workers settle for 5% pay increase

Contractors and unions agree one-year deal following months of talks
3 days ago

Rising wages and skills gap to overshadow materials issues

Materials and product Inflation tops 20% so far this year, but labour set to be next big headache
2 days ago

Erith pays £2.8m bonus to staff after ownership switch

Around 450 staff have on average received over £6,000 since move to employee ownership five years ago
2 days ago

Algeco lands £19.2m Leeds modular school scheme

Offsite specialist will supply and install 192 steel frame modules
2 days ago

Eight firms placed on £750m Midlands and Eastern framework

Next generation framework for jobs up to £7.5m employs a parallel plotting structure
2 days ago

Aston Villa unveil plans for £100m stadium expansion

Construction set to start next year on first phase of Villa Park upgrade
2 days ago

Skanska bans ‘swing-up’ lorry loaders after site death

Banned vehicles are used mainly to deliver bulky items like cabins and welfare units
3 days ago

HS2 agrees £78m variation on Euston tunnels cost

Skanska Costain Strabag seals extra payment for agreed changes to the scope of work
3 days ago

B&K breaks ground at £150m Newcastle HMRC job

Work gets underway on city's largest ever office project
3 days ago

New building safety laws come into force today

Leaseholders protected and new regulator for construction product manufacturers in wake of Grenfell
3 days ago

Peel submits plan for £150m cannabis production plant

Isle of Man seeks to become a leader in the emerging medicinal cannabis sector.
3 days ago

Tarmac buys first electric concrete mixer truck

Country's first battery powered mixer truck will start site deliveries this Autumn
3 days ago

Tilbury Douglas wins Dorset hospital upgrade

Construction could start in 2024 after Dorset County Hospital secures £77.3m of funding
4 days ago

McGee in £2.4m provision for bid-rigging probe

Demolition contractor says provision will cover the expected fine over cover pricing ring
4 days ago

First designs for £275m HS2 Midlands nerve centre

Contractor due to be named in Autumn next year for Washwood Heath hub
4 days ago

London Bankside Yards next project switches from resi to offices

Revised plan submitted for 18-storey office next to Blackfriars Bridge
4 days ago

Plans in for Cambridge North major mixed-use scheme

Over 400 homes and nearly 600,000 sq ft of office and shops planned for railway sidings site
4 days ago

Contractor services