COMMENT Stories recently turned five. This provides cause for celebration for us – and some relief – as half of all UK businesses don’t make it past five. Major events, such as global pandemics, worsen this statistic. So we are really pleased to be here after the roller coaster that was.
As a purpose-led, mixed-use property developer, our goal is to enable positive outcomes for people and planet, partnering with aligned landowners and funding partners to deliver outcomes with a greater purpose than just profit. When Stories was born in 2018, co-founder James Scott set out why we were doing this. I re-read this recently and it continues to resonate.
Here are three points of reflection on establishing a property company, five years on.
Patience really is a virtue
When you set up a new property development company, it pays, and has often been necessary, to be patient. Our industry is very much relationship-driven and it really does just take time for people to get used to you and the idea of your organisation. It takes time to build trust.
This is particularly true in a global pandemic when you can’t get out and meet people – and when two of the three founders have young children to boot. And not to forget the new world that has followed after a decade or more of relatively predictable conditions in a low interest rate environment. Perhaps Stories’ biological age is more like 3½!
Of course, in time, awareness grows and it was lovely to see Stories mentioned for good reasons just the other day in the press.
For those wishing to grow their business more quickly, there are of course various routes to try, such as increasing volume by working on projects less directly aligned to your values and vision. Or bringing on third-party private equity investment. But these inevitably require some compromise against the plan and so, where possible, Stories has sought to avoid this to create the right kind of organic growth, rather than growth at all costs.
Stay true to yourself
Cynicism can become the enemy of progress. We have bid and worked on projects where stakeholders aren’t perhaps quite as aligned as one might hope. I have witnessed behaviours, be it public, private or third sector, that cause you to question why you continue trying to be a purpose-led developer.
I recently met up with an old developer friend and we discussed the challenges faced when presenting oneself as a “developer”. In our situation, we present the ambition of development as a force for good and seek to be as open and transparent as possible. My friend summed up some of our experiences well; “I am trying really hard to do the right thing but it’s so difficult to get things done. Perhaps I should just be a ***** (insert expletive of your choice) and I’ll have more success.” The whole industry really needs stop role-playing its former self, be it the “fat cat” developer, “red tape” local authority, “ego-led” architect or “greedy” investor. Of course, this too takes time – and trust – to evolve.
And then there is the power of money – which money really cares about the broader outcomes and can take a more balanced approach? Clearly this a bigger challenge than just the UK property industry. As the recent frantic battle over OpenAI allegedly demonstrates, not even a non-profit board with a capped profit structure for investors can match the power of big tech and Wall Street money.
But there is hope. Good things do happen. Having stayed true to our purpose and values, we have gradually met and now really enjoy working with people and institutions that are well aligned and who sincerely care about good outcomes for people and planet. Of special note is our partnership with Aviva Capital Partners, and working with Mansfield College, Oxford, Mayday Saxonvale, the Crown Estate and Barnet Council. Indeed, perhaps we are on the cusp of a golden age of partnerships, as my other co-founder Paul Clark recently considered.
Of course, as Mike Tyson so eloquently set out: “Everyone has a plan until they get punched in the mouth.” We can never rest on our laurels and we mustn’t become overly fixated on a way of doing things at the expense of healthy evolution. We do, however, stand by our purpose and values to the core.
Take the rough with the smooth
There have been some joys over the past few years. Number one is working with lovely people.
Working with co-founders Paul and James is a real pleasure. Who knows if you will get on five years later? Fortunately, we do. We enjoy a robust discussion. And we often swap sides in the debate. It’s always a gamble setting up a new business but take the time to choose each other as carefully as you can and be open about what each of you really want to achieve from the outset.
Then there is our team and our advisory board. It is very valuable to have a broad, diverse team and a joy to work with such great people. I’m proud they have chosen to spend their time at Stories.
But, as with all things, you have to take the rough with the smooth. To start a business without a great deal of money or land raises the bar higher.
No one gets everything right all the time either, and Stories is no exception.
We have ambitious plans. We live in uncertain times, therefore it’s even more necessary to work together in partnership. And with the continued support of our colleagues and partners, in 2028 we know we will be one of the three out of 10 businesses still trading a decade after setting up.
Richard Meier is chief executive at Stories
