Company Profile

History

The Adderstone success story spans little more than a decade. Yet the astonishing growth of this young, thriving business – and most impressively the incredible speed at which the business has grown – is largely down to the founder, major shareholder and managing director of the Adderstone Group, Ian Baggett.

Prior to founding the Adderstone Group in 2001, Baggett had built a residential investment portfolio worth more than £2 million. This was achieved through repeated re-mortgaging from an initial cash input of only £3000.

As a student at Durham University, Baggett had carried out a dissertation on 'The Geography of Student Accommodation in and around Durham City'. This doubled up as a business plan and enabled him to borrow the funds to acquire a terraced house in a mining village just South of Durham for £15,000.

Within four years he had purchased and refurbished a further four houses, making up a portfolio of £125,000 in value yielding £35,000 per annum. This four year period also saw Baggett complete a short commission in the Royal Navy as well as a PhD.

In 1997, Baggett left the Navy to concentrate his efforts on his growing business. Following a year of professional training with local chartered surveyors Sanderson Weatherall, Baggett formed Adderstone Properties Ltd with the sole aim of building a £10m residential investment portfolio within five years.

Through carefully selected developments, initial aggressive gearing and by adding value through active management, Baggett in fact far exceeded his original objective, securing a residential investment portfolio valued at closer to £15m, with a further £5m in commercial investments in the same five year time frame.

The Adderstone reputation in the North East's property market had become firmly established.

By 2002, yields within the residential investment sector had however begun to contract. In a bid to adapt to shifting market conditions and grow the company whilst maintaining a competitive edge, Baggett recognised that the key to expansion was through diversification into other property related arenas.

As various new ventures were formed, Baggett was able to manage the overall business' risk exposure whilst benefiting from the synergy brought by each new discipline.

Today the Adderstone Group has five different, highly successful divisions: Property Development, Construction, Property Management, Block Management and Property Trading. The business also has an impressive property investment portfolio.

Whilst diversifying the business, Baggett's decision to concentrate the Group's activities in the North East of England has undoubtedly been another crucial element in his success.


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Adderstone Group