Southampton-based Roxan Construction enjoys a high profile locally and the public recognises the brand as being synonymous with great buildings in great locations. Exec finds out more
Written by Ian Armitage and Produced by Nicholas Davies
In 1972, an Iranian student – by the name of Massoud Yeganegy - arrived in Southampton to study for a post-graduate diploma in Construction Engineering at the local university. Upon completing his studies, he went to work for NorWest Holst, a leading construction company, overseeing several successful building projects and gaining valuable experience, which would come to help him later in his career.
Yeganegy always wanted to be in charge of his own destiny and formed his own construction firm in 1984. That company – called Roxan Construction – has since gone from strength to strength and has grown its reputation locally in recent years for building innovative and highly specified properties.
“I named the business after my second daughter Roxanne, and have spent the last 24 years building a solid reputation,” Yeganegy says. “We have been involved in several landmark schemes extending across the south and I’m very proud.” Yeganegy went on to explain that building Roxan has been an interesting process and that he has enjoyed watching the business grow into the successful company it is today. He remains the sole shareholder and is joined on the Roxan board by Paul Fenner, Paul Wilkinson and Steve Griffin.
“We are a developer/contractor primarily, but I am also the owner of over 200 residential properties through a company called MYA,” adds Yeganegy. “Whilst we are not unique in what we do, we do specialise in providing high quality properties, many with a view of or near to the sea.”
Roxan transferred its property portfolio to MYA Property Limited in February 2007. This operates under the umbrella of Roxan and is managed from the Roxan Business Centre.
In control
Yeganegy has full control of all aspects of the business, and uses his experience and the expertise of his fellow board members to constantly drive it forward. “We believe in providing a quality product delivered on time, at excellent value for money,” he says. “We provide those extra little features that many of our competitors either don’t, or provide at extra cost.”
A modest man, he is keen to point out that his team has played an important role in the company’s success, building the quality reputation for which it has become renowned. “Our key strength, like any other business, is our staff, backed-up by good quality sub-contractors,” Yeganegy explains. “
We concentrate on providing good quality residential properties for sale in locations that will always be attractive to customers whatever the market conditions. Quality will attract buyers in any market.
“We sell homes to a wide range of purchasers from first time buyers, professional couples and families, to ‘empty nesters’ looking to downsize. With attractive projects completed and on-going in attractive coastal locations, second home owners are also buying in to the Roxan lifestyle.
“Everything we do is backed up by our excellent customer care team, which cares passionately about our customers,” continues Yeganegy. “Customer care helps drive future sales and our reputation is built around outstanding customer care.”
State of flux
According to Yeganegy, the housing industry is currently in a “state of flux”, and his own crystal ball is “very cloudy at the moment.” He hopes the current clouds disperse and do not turn to thunder – a situation that would wreak havoc on the economy. “Over the last five years financial services and construction have driven the economy forward, so any downturn would be catastrophic,” he says. “The challenge for the future is to navigate a path through the clouds back to brighter skies.
“The industry will need to provide more affordable private homes built with sustainable materials to protect the environment so our children can eventually aspire to the upper end of the market to maintain this industry and the planet for future generations,” he adds.
Sales of Roxan’s new properties has slowed, but because of the quality of every home, the company’s foothold remains strong and the few buyers there are tend to be serious purchasers. “We are not yet feeling the pinch, and will not, provided we keep selling, albeit at a slower pace than the last few years,” says Yeganegy. “We are not currently holding a large stock of completed properties and we have not brought land at the top of the market, so are not overly exposed.
“The credit crunch will hopefully result in a reduction in land values. Any savings however will need to offset rises in raw material costs which in some cases have risen by more than 20 percent over the last twelve to 18 months.
“The UK and indeed the world economy is at a crossroad. We will work to make sure Roxan can reach the other side of the road and continue into the future.”
Roxan has slowed its new build program, but Yeganegy has no plans to stop altogether. And, in providing quality, the firm is less likely to be affected by the downturn in the market. “There is always a risk in any form of residential development,” says Yeganegy. “The elements will never be ‘exactly right’. That said we cannot hibernate. There is still a demand for good quality housing. The type and style of property may change, but we all need a roof over our heads. The current slowdown does not mean demand is not there, it is and we at Roxan intend to find that demand and keep supplying it.”
To do that, Yeganegy says there needs to be a “reality check” on land values. The industry will also have to work harder to avoid the manic rises that have occurred over the last ten years. “We also need help from local authorities, in moderating Section 106 financial contributions,” he says.
Despite the concerns over the market, Roxan is in a good position. It has maintained a high profile locally and the public, particularly in and around Southampton and Bournemouth, recognises the brand as being synonymous with great buildings in great locations. Besides, if Yeganegy led the company through the recession of the late 1980s, there is no reason why he can’t do it again.
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