Monday, June 23, 2008

The Times: Business big shot: Jayne McGivern

Jayne McGivern thinks big and tends to act quickly. Barely four months have elapsed since the former UK chief executive of Multiplex left the development group — best known for the troubled construction of the £757 million Wembley Stadium — after its takeover.

At an annual general meeting this week Ms McGivern will be taken on formally as chief executive of Newfound, an AIM-listed developer that plans to shake up the Caribbean islands of St Kitts and Nevis. Its projects involve 430 acres of undeveloped land on Nevis and a 40 per cent share of Ocean's Edge, a luxury villa project on nearby St Kitts, as well as a partly built golf and luxury chalet resort in the Humber Valley, eastern Canada, valued at about £50 million. The Nevis project, Pinney's estate resort, has approved plans for 300 beachside villas expected to be priced at about £1 million each, set around a luxury hotel.

Starwood, the US operator, is thought to be in line to build and run the hotel, but Ms McGivern may yet stitch a deal together on this and other possible projects with Kerzner, the hotel operator, aided by a long working relationship with Sol Kerzner, the company's founder. That developed from her time running the UK arm of Anschutz Entertainment, the US-owned business involved in the Millennium Dome, which she left before joining Multiplex in late 2005.
Ms McGivern has invested £1 million of her own money in Newfound in return for a long-term incentive scheme that could see her own 12.5 per cent of the company.

She has invested alongside a £15 million cash injection into Newfound by way of convertible loan stock from Agilo, a niche private equity firm founded by Jason Granite, a former Deutsche Bank restructuring expert. Its backers include Steve Norris, the chairman of Jarvis and former Tory candidate for London Mayor.
Related Links: (The Times) Jayne McGivern quits as chief of Multiplex UK - Pipl research on Jayne McGivern
We're ... Are you?

No comments: