 | |
| Company type | Private company |
|---|---|
| Industry | |
| Founder | John Whittaker[2] |
| Headquarters | Venus Building,Trafford Park[3] |
Key people | John Whittaker (Chairman)(2022)[4] |
| Total assets | £2.3 billion(2022)[5] |
| Owner | |
| Website | peel |
The Peel Group is a British infrastructure and property investment business, based inManchester. In 2022, its Peel Land and Property estate extends to 13 million square feet (1.2 km2) of buildings, and over 33,000 acres (13,000 ha) of land and water. Peel retains minority stakes in its former ports business andMediaCityUK.[6][7][8][5]
TheTrafford Centre, which opened in 1998, is widely regarded as Peel's landmark development. It was sold in 2011 toCapital Shopping Centres for £1.6 billion, making it then the most expensive acquisition in British property history. £700 million of the consideration was inshares and Peel continued to buy shares in the purchaser that went intoadministration, eliminating share value, in 2020.[9][10][11][12][13]
The Peel Group held a series of other substantial investments inlisted businesses includingLand Securities Group plc andPinewood Shepperton plc, and in 2022 owns 14.1% ofHarworth Group plc[14][15][16]
The Peel Group was known from 1973 to 1981 as Peel Mills (Holdings) Ltd; from 1981 to 2004 as Peel Holdings plc, and then the wider organisation took its present form.[17][18]
Inspired by thePeel Tower near his native Bury, Whittaker retained the name Peel Mills Ltd for his property and cotton business.[2]
After a period on theManchester Stock Exchange, Peel Holdings listed on theLondon Stock ExchangeOfficial List in 1983. It transferred to theAlternative Investment Market in January 2000 before theWhittaker family and TheOlayan Group majority shareholders bought out Peel Holdings' 6.63% minority shareholders in 2004, taking the business private.[19]
John Whittaker began assembling the business in the 1960s, supplyingaggregate from his family'squarries to projects such as theM63 motorway.[2]
Once quarries were exhausted he turned them intolandfill waste sites, the profits invested incotton businesses with property assets. He consolidated the cotton processing in new buildings, often built on top of the now full landfill sites, and redeveloped the former cotton mills aslight industrial units tolet. By 1977 a majority of the firm's activity was property development, and by the early 1980s that was predominantly new-build, industrial units andout-of-town retail stores.[2]
| 1973 | Purchase of Peel Mills inBury.[17][2] |
|---|---|
| 1984 | Planning permission granted for Blackburn Peel Centreretail park on the site ofWhitebirk power station.[20] |
| Purchase ofBridgewater Estates[17] | |
| 1987 | Purchase ofJohn Bright's former Fieldhouse Mill inRochdale.[2] |
| 1988 | The Peel Centre, Stockport first developed on the site of the formerStockport power station. |
| Boundary Post Ltd acquired in return for TheOlayan Group being issued1⁄4 of the shares in Peel Holdings plc.[17][21] | |
| 1989 | Purchase of London Shop Ltd, the former London Shop Property Trust plc.[22][17] |
From 1971, Whittaker acquired shares in the Manchester Ship Canal Company that unlike most other British canals had not beennationalised post-World War II.[23][24]
Peel sold its cotton business for £22 million to finance the purchase of more canal shares[24][25] and in 1986 proposed developing an out-of-townshopping centre, that would become theTrafford Centre, on the company's land.[26]
Manchester City Council still had a stake in the canal but now faced a conflict of interest as both a local planning authority and shareholder. Itsminority shareholding also no longer gave it any real control over the company. Accordingly, in 1986 it surrendered the right to appoint all but one of the Manchester Ship Canal'sdirectors, and sold its shares to Whittaker for £10 million.[26]
By 1987 he had acquired control of the business and bought out the remaining minority shareholders in 1993.[25][24]
In 1987, Peel submitted aplanning application for ashopping centre development on land attached to theManchester Ship Canal, adjacent to theM63, now the M60, inTrafford. It opened in 1998 after one of the most prolonged and expensive planning processes in British history.[2]
It sold the Trafford Centre in January 2011 toCapital Shopping Centres for £1.6bn of which £700 million was inshares, being 20% of the purchaser's share capital. Peel continued to purchase shares after the transaction and was the largest shareholder in 2012, with a stake of 24.63%. In 2020, Capital Shopping Centres, now renamed Intu Properties plc, went intoadministration eliminating shareholder value.[9][13][12]
| 1997 | Peel purchases a 76% share in Liverpool Airport, and goes on to buy out the remaining, minority shareholders in 2001. Peel renamed itLiverpool John Lennon Airport.[27] |
|---|---|
| 1999 | RAF Finningley purchased and redeveloped as Robin Hood Airport, later known asDoncaster Sheffield Airport.[28] |
| 2002 | Sheffield City Airport purchased, shut down and subsequently developed as abusiness park.[29] |
| 2003 | 75% stake inTeesside International Airport purchased for £500,000. Ownership of the remaining 25% retained by localcouncils. Peel rename it Durham Tees Valley Airport.[30][27][28] |
| 2010 | Vantage Airport Group buys a 65% share of Peel's airport businesses. Peel repurchased Vantage's share of Teesside International Airport in February 2012; Doncaster Sheffield Airport in December 2012, and Liverpool John Lennon Airport in April 2014.[28][31][32] |
| 2002 | Barton Aerodrome purchased by a joint venture including Peel and subsequently renamed City Airport Manchester.[33] |
| 2018 | Peel sells its investment in Teesside Airport back to local councils for £40 million. The price included sites identified by Peel for housing on land adjacent to the airport.[30][34] |
| 2019 | Peel sells down its stake in Liverpool John Lennon Airport from 80% to 45%. The purchaser was Ancala Partners. Liverpool City Council also reduced its holding from 20% to 10%[35] |
| 2022 | Doncaster Sheffield Airport closed to traffic in November.[36] |
| 1987 | Peel acquires control of theManchester Ship Canal, and buys out remaining minority shareholders in 1993.[24][25] |
|---|---|
| 2003 | Purchase ofClydeport; statutory authority for theRiver andFirth of Clyde, and owner of ports includingKing George V Dock, Glasgow,Greenock Ocean Terminal,Ardrossan harbour andHunterston Terminal.[37][38][2] |
| 2005 | Mersey Docks and Harbour Company purchased including ownership ofHeysham Port,Medway Ports and Dublin container port, and management ofBelfast Victoria Terminal 3.[39][40][41][2][37] |
| 2006 | Deutsche Bank's RREEF purchased a 49.9% holding in Peel's ports division for £775 million. The stake was sold toPension fund APG;Global Infrastructure Partners, andAustralianSuper in 2021.[7][2] |
| 2007 | Peel purchase theBirkenhead shipyard occupied byCammell Laird.[42] |
| 2015 | Peel acquireGreat Yarmouth Outer Harbour.[43] |
| Peel lose management contract at Belfast Victoria Terminal 3.[40] | |
| 2016 | Liverpool2 deep water container port opened.[44] |
| 2016 | Port Salford opened.[45] |
| 2011 | Peel buy 50% ofA&P Group which owns ship repair and conversion docks on theTyne,Tees and atFalmouth. The remaining 50% was bought by investors inCammell Laird.[46] |
| 2021 | 62.4% of Peel's port business owned byPension fund APG;Global Infrastructure Partners, andAustralianSuper.[7][47] |
| 2022 | Peel Land and Property promote closure ofChatham Docks to make way for 3,625 new homes, and commercial uses. It argued the cost of refurbishing the dock gates was not economic.[48] |
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In 2007, Peel obtained planning permission to develop a 37 acres (15 ha) site on the banks of the Manchester Ship Canal in Salford. It became the new home of theBBC in the north of England. Other studios in the complex include Peel Group operateddock10;ITV's northern facilities including those forCoronation Street, and theUniversity of Salford.[49][50][51]
Plans for a £1bn expansion to MediaCityUK were approved in 2016. The development would double the size and include more TV studio and production space as well as shops, offices, a 330-bed hotel and 1,400 homes (Manchester Waters).[52][53]
In 2021,Landsec acquired a3⁄4 stake in MediaCityUK, buying out a1⁄2 shareLegal & General purchased in 2015, reducing Peel's share to1⁄4.[6]
In 2011, Peel acquired a controlling 71% interest in Pinewood Shepperton Plc for £96 million. In 2016, it cut its stake in thefilm studio operator from 58% to 39%, and then sold the remainder to Leon Bressler's PW Real Estate Fund.[16][54][55][56]
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Peel opened a 65 MWScout Moor Wind Farm betweenEdenfield andRochdale in 2008. Their remaining interest in Scout Moor was sold toMEAG in October 2012.[57]
10 MWHuskisson Dock Wind Farm in 2009 and took over management of the 3.6 MWPort of Seaforth Wind Farm.
50.35 MWFrodsham Wind Farm and 8.2 MWPort of Sheerness Wind Farm both of which became operational in late 2016.
Peel obtained planning consent for a 20 MWbiomasscombined heat and power power station at Barton, Greater Manchester.[58]
In 2015 Peel announced £700 millionProtos scheme on a 134 acres (54 ha) site nearEllesmere Port. Phase One included a 21.5 MW biomass facility and 19-turbine wind farm and was opened in January 2017 byAndrew Percy,Minister for the Northern Powerhouse.[59][60]
| 1984 | Planning permission granted for Blackburn Peel Centreretail park on the site ofWhitebirk power station.[20] |
|---|---|
| 1988 | The Peel Centre, Stockport first developed on the site of the formerStockport power station. |
| Boundary Post Ltd acquired.[17][21] | |
| 1989 | Purchase of London Shop Ltd.[22][17] |
| 1998 | TheTrafford Centre opens comprising three-miles of shops and then Europe's biggestFood Court[61] |
| 1999 | Trafford Retail Park opened. Sold toUK Commercial Property REIT Ltd for £33 million in 2021.[62] |
| 2009 | Gloucester Quays opened.[63] |
| 2012 | Acquisition of Lowry Centre atSalford Quays.[64][65] |
| 2020 | Planning permission forTherme Manchesterspa andwater park granted byTrafford Council.[66] |
In March 2016 Peel Land and Property announced plans to build 30,000 homes across its estate over the next 30 years.[67]
| Homes | ||
|---|---|---|
| Liverpool Waters | 10,000 | [a] |
| Wirral Waters | 13,500 | [b] |
| Glasgow Harbour | 1,400 | [c] |
| Trafford Waters | 3,000 | [d] |
| Chatham Waters | 1,000 | [e] |
| Manchester Waters | 2,000 | [f] |
In 2022, Peel Land and Property promoted closure ofChatham Docks to make way for 3,625 new homes, and commercial uses. It argued the cost of refurbishing the dock gates was not economic.[48]
The Peel Group has a complex business structure, consisting of 342 registered and active companies and subsidiaries excluding Peel Ports in the UK. Its ultimate parent company is theIsle of Man-based Tokenhouse Ltd.[73]
Campaigners objected to anLNG terminal Peel proposed forHunterston Parc,Largs. The scheme included a combined cycle gas turbine power station; deep water port; facilities for oil rig decommissioning; a site for the recycling and storage of plastics, and dredging 2.4 million cubic metres of seabed. Noenvironmental impact assessment was provided for the development.[73]
In 2011, Peel was accused of illegally extractingpeat from its land nearSalford. Following a 2012Public Inquiry,Communities and Local Government Minister,Eric Pickles, backedSalford Council andWigan Council in refusing further extraction atChat Moss.[73]
In 2015, Peel established abiomass terminal atLiverpool'sGladstone Dock forwood pellet imports fromwetland forests in the Southern US. The pellets are then transported toDrax Power Station to be burnt. Campaigners objected to thegreenhouse gas created in the process.[73]
In 2021, multiple complaints were made about parking fines being issued by automated systems atStockport Peel Centre even after motorists had purchased parking tickets.[74]
Peel's Clydeport business was fined £5,000 in 2001 following a shore side fatality atHunterston Terminal. The prior year it paid a £7,500 fine for an earlier incident.[75]
In 2014, Peel's Clydeport business pleaded guilty to health and safety breaches and was fined £650,000 following a triple fatality.River Clyde tugFlying Phantom capsized in the 2007 incident. Judgement found there had beensystematic failure in risk assessments and safe systems of work. The charges also related to a similar incident involving thetug in 2000.[76]
In 2014, high level collusion was found between Peel, police and a council. Documents revealedSalford Council,IGas Energy,Greater Manchester Police and Peel were sharing intelligence duringanti-frackingprotests at Barton Moss.[73]
In 2008, Peel was alleged to have covertly controlled a group that campaigned against acongestion charge forManchester. It was claimed Peel feared a congestion charge would harm business at their Trafford Centre. Voters rejected introducing a congestion charge.[77]
In 2013, a report byLiverpoolthink-tank ExUrbe criticised Peel's excessive influence on affairs and development in the Liverpool region, claiming Peel "blurred the boundaries between public and private interests".[78]
In June 2013,Margaret Hodge, Chair of thePublic Accounts Committee, accused Peel oftax dodging, and explained some parts of the group pay on average 10%Corporation Tax, and the more profitable ones paid no tax at all.[79]
In 2006 Peel required theWarship Preservation Trust to leave theirBirkenhead premises. The trust was unable to find an alternative location for its vessels and shut down.HMS Plymouth remained berthed and Peel took possession. In 2014, campaigners disputed the legality of those ownership rights. The group accused the port of allowing the ship's condition to worsen in order to make any attempt to move/preserve her appear unfeasible.[80][81]
The campaigners were also critical of the way the subsequent sale of the vessel toTurkey for scrap was conducted.[82]
In 2009, following redundancies (layoffs) at Peel's Marine Terminals Ltd subsidiary inDublin, and eight weeks ofindustrial action, strikers seized the cargo handling company's control room. In co-ordinated action, DutchFNV Union occupied the headquarters of sister subsidiary BG Freight's head office inRotterdam. Peel had hired private security firmControl Risks to police their Dublin facility.[83]
During unloading of theMV Francop at Peel's Dublin container port a sailor was crushed to death. During the 2018 incident a stack of fourcargo containers was lifted off the vessel with a crane, resulting in the bottom container parting from the stack and falling onto the sailor. It was alleged against Peel's subsidiary Marine Terminals Ltd that there was no appropriate planning, instruction, communication and supervision of the method to insert a missing deck lock under the bottom container in the stack.[84]
In 2014,Warrington Council accused Peel'sManchester Ship Canal of "self interest" and prioritising canal users rather than vehicle traffic in its operation ofswing bridges over the canal. The council and canal operator subsequently announced they would work together. Residents were particularly concerned about the situation when theM6Thelwall Viaduct had to be closed for maintenance, leaving no alternative route locally across the canal.[85][86]
In his 2019 bookWho Owns England,Guy Shrubsole describes Peel as one of the 'secretive' companies that "hoards England's land" and has made significant impacts, good and bad, on the environment and people's lives:
Peel Holdings operates behind the scenes, quietly acquiring land and real estate, cutting billion-pound deals and influencing numerous planning decisions. Its investment decisions have had an enormous impact, whether for good or ill, on the places where millions of people live and work.[77]
In July 2021, theWorld Heritage Committee cited the development ofLiverpool Waters as a reason for the revocation of Liverpool'sWorld Heritage status.[69]
