Richardsons know about developments

Don and Roy Richardson are the two brothers who control Richardson Developments and according to the Birmingham Post they are now worth around £380M.

Currently their company is in talks with both Hereford United and the Herefordshire council about the renewal of the lease at Edgar Street.

The Richardsons are thought to be in partnership with the multi-million Carillion company. The £1,069,500 debt owed by Hereford United to developers is beleived to be to this partnership. At present no interest is being added to the debt. The lease on the ground is £4,700 per year.

Below is an edited profile of the Brothers. It shows what they have achieved in the past and why they are being talked about as the likely developers of the Edgar Street Grid.

Come rain or shine, nothing much slows up Richardson Developments. Although the founders may not be running round building sites any more, berating builders for their tardiness, the family business continues to run like a well-oiled machine.

Don and Roy may not be pictured in hard hats as often these days as they were in the past but the family's appetite for development remains unappeased.

Retail seems to be the dish of the day at present and for the past 18 months, Richardsons have been developing shopping centres near and far. Not content with conquering the UK, the firm has in 2005 now gone firmly continental with completed projects in the UK being joined by a 157 million euros development in Castel Romano near Rome in Italy.

The £167 million Westwood Cross shopping centre in Broadstairs opened in June 2005 with 41 out of 45 units let, achieving record rents for the county of £60 per sq ft.

Rope Walk in Nuneaton, Warwickshire, valued at £72 million, opened on September 1 2005, providing 205,000 sq ft of shopping space. The centre recorded over 1.5 million visitors in its first three months.

Partnership is clearly viewed as the way forward by Richardsons with Westwood Cross a joint venture with Carillion, Rope Walk with Birmingham-based Cordwell and in Italy with McArthur Glen Designer Outlets.

Castel Romano offers 30 to 70 per cent savings on designer goods including Dolce & Gabbana, Versace, Etro Calvin Klein Jeans, Guess and Nike.

In 2006, the plan is to complete and open shopping centres such as Met Quarter, Liverpool, Barberino, near Florence in Italy and in Salzburg, Austria.

The Met Quarter, offering 150,000 sq ft, is scheduled to open in spring 2006 and has already announced pre-lets to Armani, Hugo Boss and Flannels.

The family continues to have significant holdings in other property and non-property related businesses.

Whether they retain holdings in the developments they are under-taking or sell, it is clear that a revaluation upwards of the family silver is overdue.

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