Celebrating 15 years of Barwood Capital with co-founders Alan Rudge and Joanna Greenslade

As Barwood marks 15 years in business, we speak to the two original founders, Alan Rudge and Jo Greenslade, about when, where, how and why the business came into being.  With a final word from current managing director Hugh Elrington about Barwood today and his ambition for the future of the business.

Why and how did Barwood capital come about?

Alan

Barwood Capital (BCL) was formed in 2009 in Northampton after the global financial crisis of 2008.  The fallout from the crisis meant we needed to diversify and work in a different way than before. So, we set out to raise funds for our existing development company.

Jo

We created Barwood Capital to diversify funding for our own projects (managed by Barwood Developments) and to satisfy demand from high-net-worth individuals for commercial property investment opportunities. 

Institutional funding on a project by project basis for our commercial development projects had become more challenging.  We also anticipated that there would be good opportunities as the market came back after the financial crisis of 2007-8. Having cash at our disposal meant we could act quickly on these

Fortuitously, in discussion with several local high net worth individuals it became apparent that they were struggling to find attractive returns from debt or equity and were also keen to invest in commercial property with us. 

And so Barwood Capital was born!

Both of these drivers still exist today – having funds available to act quickly is always an advantage and there are few opportunities for individuals to invest in commercial property opportunities, particularly those involving significant asset management and development, yet significant demand exists. 

How has the company changed and evolved since you founded it?  What do you consider to be the top 3-5 milestones for the business during this time?

Alan

The first few years were tough.  Starting a business among the debris of the global financial crisis was a challenge for sure.  So we were very proud – as a board of directors – to get through those first 2-3 years.  We had built what would go on to be a successful business under the Barwood brand.

Over this time, we moved away from a focus on pure development towards a model where we would fund other, small, local developers to build out the schemes.  We would oversee, and raise finance through our funds and they would apply local knowledge, contacts and supply chains to get the job done.  It was a system which worked well and that we still use today.

Jo

Getting our FCA authorisation and raising the first fund in 2009 was the first major milestone for me. 

Raising a much bigger more development focused fund in 2012 and bringing British Airways Pension Fund on board as an investor was another major milestone.

At the end of 2014 we separated Barwood Capital from the Barwood Developments business, selling to what became DB Symmetry.   I took over as MD from Richard Bowen, retaining many of the team.  We even provided business support services back to BDL for a while after that until they built up their own support team.

Recruiting Guy Brogden as Chair then Hugh Elrington and Graham Wood as MD/CFO respectively in 2018-19 were the next major milestones in my view, as these allowed me to step back.  

What are your best Barwood moments?

Jo

From around 2009 – 2012, I spent a lot of time travelling up and down to London with colleagues Richard Bowen or Henry Chapman. We were on a quest to raise funds and meet potential partners.  And we were having to think about which hat we were wearing – were we Barwood Developments, Barwood Capital, Barwood Homes or Barwood Land – it was incredibly hard work but also great fun and kept us on our toes.  

I also recall a lively Barwood Capital team trip to Barcelona to mark our 10th anniversary in 2019 as being pretty close to top of my list. 

And finally, selling Barwood Developments in Dec 2014 has to be up there – as this was a fairly life changing event for me.

Alan

There have been many highs and lows over the years - a real treadmill!   But for me, personally, it was the sale of a site on which we got planning for 1.5 M square feet of new warehouse space, at around £30m, just before the storm broke in 2008.  I think it was a deal that really made us.

What are you most proud of at Barwood?

Jo

I’m most proud of how we live our values– Adventurous, Committed and Respectful.  Every single person on the team contributed to shaping these values and has bought into them.  I think the way in which we shape our behaviors around these as a business gives us a point of difference. It helps us stand out in the property market and appeal more to our investors, suppliers and staff.

How has the world of property investment changed over the years and what are your predictions for the world of property investment over the coming year?

Alan

Property investment is a real “Boom and Bust” experience! To be successful you have to watch the market – to observe, to learn and act on your instincts. The market can change quickly and you must be able to respond.

Equally important is the ability to say no when a deal isn’t right.

And finally, Hugh, what is Barwood Capital today?  And how has it changed from the original business Alan & Jo founded? 

Hugh

 Over the last six years, Barwood has grown from running its Growth Fund series, to today being a larger UK real estate investment and development platform across both the commercial and residential sectors. 

Barwood now runs not only the Growth Funds,currently Growth Fund IV & V, but also two multi-let industrial vehicles, a logistics separate account mandate, and its innovative “build to sell” residential investment platform, as well as several joint ventures. 

The team has likewise grown in number, and today we are double the size of what we were when I joined in 2018. Importantly, we have continued to remain fully committed to our values, and the way we behave and carry out our business, maintaining the work/life ethos created by Alan and Jo. 

Where do you see Barwood’s future? 

Hugh

 To be a leading UK real estate investment and development platform for both institutional and private investors, consistently delivering strong and compelling returns to our investors across our various commercial and residential products and services. 

To provide an engaging, exciting and enjoyable working environment to all, and the ability to allow staff to participate in the growth of the business and its direction, whilst maintaining our core values of Adventurous, Committed and Respectful, as well as being agile, innovative, and quick to respond to change.