Steve Morgan signs Redrow man for Bridgemere

Redrow founder Steve Morgan has appointed former colleague Greg Locke to head his Bridgemere property company.

Locke, 51, was formerly chief executive of David Wilson Homes and will be responsible for all activities, including Harrow Estates, the brownfield regeneration business.

Under Steve Morgan, the chairman of Bridgemere Group, development sites valued at more than £2.2bn will provide about 16,000 dwellings and 1 million ft2 of office and retail space.

Locke said: “It’s an exciting opportunity because I worked with Steve at Redrow and we know each other well.”

Bridgemere UK had a turnover of £7.1m for the period December 2005 and 31 March 2007 and made an operating profit of £199,000; £6m of the turnover was from hotel and leisure income with £1.13m from its property consultancy arm.

We’re open-minded and have the cash to capitalise on opportunities

Greg Locke, Bridgemere UK

Land and building assets amounted to £38.2m with cash flow from operational activities put at £3.2m.

Locke said: “We’re open-minded over opportunities and have the cash to capitalise on them. “

Between December 2005 and March 2007, Bridgemere employed an about 120 people with total staff costs of £3.2m. The highest paid director received a total package of £126,000.

Last year Bridgemere reached an agreement to buy Wolverhampton Wanderers football club for £10. In return, Morgan agreed to invest £30m.

Morgan, who previously failed in his attempts to buy Liverpool, was ranked 177th in the 2007 Sunday Times rich list with a personal fortune of £450m.