John D Wood reveals major corporate restructuring
Property management-focused firm secures new joint owner, new capital and new management team.
John D Wood, the commercial real estate services firm. It has completed a restructuring that is intended to provide an appropriate platform for its ambitious growth plans.
IAC Investments, a London-based family office. It has acquired a 50% stake in the firm from owner, Ray Bloom and committed to investing a significant sum for the growth strategy. Which is targeted at corporate acquisitions in the UK. Adam Hudaly, a director of IAC. Who has joined John D Wood as its chief executive to focus on the corporate acquisitions programme. Which is aimed at property services firms that derive a significant amount of their income. From property management or are looking to dispose of their property management business. Ray Bloom, who retains a 50% stake in the firm, remains in charge of the day-to-day running of the firm as managing director. He also remains head of the firm’s core property management team. Income from property management work accounts for around two thirds of the firm’s turnover.
Adam Hudaly and Ray Bloom have recruited three senior people to support them in the drive for growth. Kieron Bruzas has joined from JLL as finance manager, Darren Shaw has joined from Citigroup Estates as head of investment, and Paul Wolfenden, former global head of valuations at DTZ, is working as a consultant, managing the firm’s valuation work. The agency team continues to be jointly headed by Elliot Goodman and Jon Staniforth.
Commenting on the restructuring, Adam Hudaly said: “IAC is delighted to be investing in a firm with such rich heritage and such a strong brand. We feel that, with the regional market improving all the time, it is an opportune time for John D Wood to expand outside London. We shall be aiming to acquire small and medium-sized commercial property services firms. That are complementary to John D Wood, with property management the core of their business”.
John D Wood, which was founded in 1872, was acquired by Ray Bloom in 2009. Under his ownership John D Wood’s revenue has doubled.
Ray Bloom said: “This is a watershed moment for John D Wood. IAC’s investment and the appointments of Adam, Kieron, Darren and Paul will accelerate our plan to become a national firm.
”Property management work will remain the bread and butter of the firm. It is work we are proud of. We are a very cost-effective option for clients. Since we agree fixed fees in advance. We do not charge hourly rates.”
For further information:
Ray Bloom, Managing Director
John D Wood
020 7629 9050