Entrepreneurs: Ganco Assets shrugs off Brexit and eyes more property deals
Tucking into smoked salmon, property entrepreneur Nowsad Gani looks remarkably relaxed ahead of saying what seldom few of his peers have thought since June 2016. He reckons “Brexit won’t batter us”.
The chief executive of Mitcham-headquartered real estate company Ganco Assets is lamenting reports predicting residential and commercial property demand will dry up after October 31. Gani, who voted to remain, says: “Fundamentally, this country has a housing shortage, and offices are still needed in cities. That underlying demand won’t disappear.”
The 56-year-old’s property investment firm, which also has building management and planning divisions, has its own estate of shops and around 250 flats across London.
More growth is planned, Gani says over lunch at The Ivy brasserie in Kensington. He wants to invest in the social housing market for the first time, creating up to 1000 apartments over three years that would be let to social housing providers or councils.
It’s a move that could attract criticism, amid concerns corporate landlords in the sector are less worried about high-quality properties.
Says Gani: “The traditional housing associations have not been able to fulfil the demand, especially in London. For us, it is not only a way to generate profit, but also to do our bit to ease the social housing crisis. We genuinely think the private sector can help.”
Gani first moved to the capital in the 1970s when he was 13. His family emigrated to Croydon from Malawi to escape what they viewed as an anti-Asian sentiment. Gani, whose family are of Indian descent, says: “Speaking and understanding English was a challenge for me. I also faced some racist comments at school, but in those days you just accepted it.”
He went on to study law at Newcastle university, specialising in property litigation. After qualifying as a solicitor in 1983 he joined Croydon-based Atkins Walter and Lock, advising on purchases and disposals. Then came the early Nineties recession. Gani recalls: “People weren’t buying, values had plummeted and banks weren’t lending.”
He started to tap up some of the firm’s international clients, including in Southern Africa, encouraging them to take advantage of heavily discounted deals. Buyers did invest but wanted UK-based property professionals to manage the assets and increase their values. This prompted Gani to branch out on his own, and in 1991 he used his own savings to set up a small office in Clapham for his first business.
The entrepreneur would buy distressed assets at knockdown prices on behalf of private clients, and then secure planning permission to either develop or sell on. Once a building was sold, he would take a third of the profits made.
One of his first deals involved buying a run-down house in South Norwood for £65,000, refurbishing it and getting architects to work up plans for converting it into three flats. The property sold for £200,000 three years later.
Read more
Entrepreneurs: Future looks bright for fashion designer Olivia Rubin
Work mounted up, and Gani had also started investing his own money into projects. He could no longer manage everything as a one-man-band, so he set up Ganco Assets in 2003 with a handful of employees joining.
Gani did consider a float on AIM but then the 2008 financial crisis came. He says: “It was a tough period. We were sitting on a lot of stock that I was fearful might not sell for a few years. This was not the right time.”
Today the father-of-four is the sole owner of the business, with two of his sons working at the firm. The Patek Philippe watch on his wrist suggests that remaining private was no bad thing for his bank balance.
Back to Brexit, Gani says: “The market may see more price falls. We are well placed to take advantage of that in the knowledge that these bargains will only last for a short period before everyone starts piling into London again.”
Ganco Assets
Founded: 2003
Staff: 20
Turnover: £4.5m in 2018/19
Business idol: “Lord Sugar. His track record with property is superb.”
Best moment: “The buzz of buying land and property .”
Worst moment: “Not knowing when the market would pick up after the 2008 financial crisis.”
Read more
Read more Entrepreneurs: Future looks bright for fashion designer Olivia Rubin
Entrepreneurs: The pet food maker with royal seal of approval
Entrepreneurs: Fast track to a fortune in financing dreams of rich
Harper Concierge looks to take stress out of online shopping returns
Entrepreneurs: Bright hope M Squared shine a light on tech revolution
