1. KEY PROJECTS / ASIGNMENTS
Wembley City & Greenwich Peninsula Regeneration schemes
These 2 major urban regeneration schemes, which together comprised over 50% of QED’s balance
sheet value, urgently needed 3rd
party investment to enable them to proceed, as a consequence of the
financial downturn and credit crisis in 2008-9.
The sheer scale and complexity of these developments – both contained over 70 individual plots,
each needing to be treated individually – meant that existing models were too large and
cumbersome, and yet too limited in detail and functionality, to be suitable for engaging with
potential 3rd
party funders. Further, the number of plots meant that managing inputs/assumptions
could become a significant operational risk.
The solution was to develop a single, multi-plot development model, using VBA macros to calculate
and store the cash flows associated with each plot. This allowed the user to perform part-
consolidations of various plots, while still being able to inspect plots at the individual level. Further,
a system of dual inputs (standard inputs v tailored inputs) was used to manage the scale of
assumptions required, with a standard set of inputs used as defaults where tailored inputs had not
been specified.
Group consolidated business planning model
While the company utilised a series of financial models within each business division, it had never
managed to successfully consolidate these within a group wide, 5 year business forecast, which
respected the group’s accounting policies and so could be used to manage the group’s financial
resources. Specific problems included: consolidation of various subsidiary entities held in differing
proportions requiring both full and partial consolidation, interest rate swaps, potential disposals and
divestment
The model developed was based on standardised outputs from individual, divisional models, which
were then overlaid with group and central activity. This provided a “gross” consolidation to which
consolidation journals were then applied. This approach meant there was clear read-through from
the individual business units’ own forecasts to the group’s overall forecast.
London Designer Outlet (Wembley City)
Built detailed operational & transaction support model for the “London Designer Outlet” (LDO)
retail complex within Wembley City development, used as part of the wider, JV negotiations at
Wembley where the valuation of the LDO was a critical piece of the overall valuation, and in turn
highly dependent on accurate modelling of commercial tenancies.
Fund Management
Provided modelling & analytical support across Quintain’s fund management division (the iQ,
Quercus, SeQuel and Quantun funds), including reporting to investors, part disposals of QED’s
equity interest, and acquisition of business assets.