Leeds-based property company Town Centre Securities (TCS) plans to buy an office and light industrial complex on the outskirts of Bradford for £2.35m. The deal is a cosy family affair - and hence requires formal shareholder approval - but should prove profitable nonetheless.
The sellers are brothers Edward and Michael Ziff, of the family that owns about 65 per cent of TCS. Edward Ziff is chairman and chief executive of TCS, while Michael is founder and chief executive of Barratts, the discount shoe retailer. The asset in question is the head office of Barratts; the brothers bought the building along with the chain's more profitable stores when its listed parent Stylo went bust in 2009. Barratts called in the administrators again last winter, only for its founder to cherry-pick the best stores for a second time. TCS finance director Chris Kelly says the company will now try to get planning permission for residential development on the site and sell it on to a housebuilder.
