David Houghton FRICS

David is Chairman of Plus Shops Ltd, a Company formed in 2004 to acquire and manage assets with a retail emphasis. The Company has an experienced management team that has been appointed to manage several major Shopping Centres. David, who acts in an advisory capacity, has responsibilities which include promotion of the Company, its corporate well being and special projects.

David was elected to membership of the RICS in 1965 and joined the City Estates and Valuation Department of the City of Manchester in the same year. At this time, he was also a part time evening lecturer in Estate Management at the Manchester College of Building. In 1969 David was invited to join V.I.P. Petroleum Ltd as Divisional Surveyor for the North of England and Scotland.

In 1971 he joined Canada Life Assurance Co, as their then youngest Property Investment Manager for the U.K. and Republic Of Ireland, responsible for directing the life and pension funds. Stephen Jaffe was persuaded to join David in 1974, thus commencing a partnership that has now lasted thirty years.

This appointment was based in London, and required David and his wife Anthea to move to Twickenham where they lived for many years and were lucky enough to have two delightful daughters, Laura and Julia. Being an ‘urban man’ he reverted to type in the 1980s and built his nest in Central London where he and his wife still reside.

David left the Canada Life Assurance Company in 1981 to take on the task of resuscitating the long established Greencoat Properties Plc. The shareholder base was expanded, the balance sheet strengthened, overseas operations terminated and the development programme reinvigorated. By 1984, the company was strong enough to extend its activities to include investment banking. As a result it changed its name to ABACO Investments Plc and David was appointed Joint Managing Director. The company was sold to British and Commonwealth Investments Plc in 1988, having substantially increased its net worth in this period of stewardship. David resigned from the board of the company on completion of the sale.

A year prior to this sale he had engineered, by way of a management buyout, the purchase of the property side of ABACO Investments Plc and with Stephen, he formed Speciality Shops Plc. This launch was supported by institutional investors. They grew the company rapidly in the smaller Shopping Centre Sector and in 1994 floated on the London Stock Exchange. The Company merged with Conrad Ritblat Plc in 1997 to form Milner Estates Plc where David was appointed Deputy Chairman. This company expanded considerably and was the subject of a recommended bid by Delancey Estates Plc at the end of 1999.

In 2000, David and Stephen formed Shops etc Ltd, a company that identified, purchased and managed Shopping Centres, for a private client. Upon Shops etc’s advice, these assets were sold in March 2004 to show a significant return.

David is a Freeman of the City of London, Chair of St Pancras Street Properties Ltd, the commercial arm of St Pancras & Humanist Housing Association, where he was once Vice Chair, and Director of XYZ Ltd.

Extra mural activities include tennis, where he continues to claim he beats Stephen, squash, and being an unabashed England rugby supporter. With what time is left in this ‘frenetic’ lifestyle he spends keeping tabs on his peripatetic family, which he loves doing.

Email: dhoughton@plusshops.co.uk