Meeting Town Centre’s executive chair: Lee and the IC

Town Centre Securities (markets.investorschronicle.co.uk/data/equities…) is one of the UK market’s oldest names. Founded, managed and largely controlled by the Ziffs of Leeds since its listing in 1960, it is a typical John Lee stock: a cash-generative, dividend-paying, and storied family business with roots in the North.

Another factor explains John’s recent decision to start building a stake in the group. At £1.15p, Town Centre’s share price trades well below half of the company’s net asset value.

In this latest CEO interview (investorschronicle.co.uk/lee-and-the-ic/?utm_m…), John and IC associate editor Alex Newman (investorschronicle.co.uk/alex-newman/?utm_medi…) speak with Town Centre’s chief executive and chairman, Edward Ziff, about the business’s past and present (investorschronicle.co.uk/content/ac1dd54e-54bc…), and the prospects for closing that enormous valuation gap.

Let us know your thoughts, or if you have any questions or any suggestions for future guests, by emailing alex.newman@ft.com.
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Timestamps:
00:00 - Introduction
00:30 - How developments in Iran are affecting Lord Lee's investing plans
03:25 - Dr. Edward Ziff explains Town Centre Securities business
07:13 - How Town Centre Securities real estate assets are spread
11:44 - Recent performance of Town Centre Securities
15:40 - Lord Lee's previous dealings with Town Centre Securities
19:07 - How important leverage and loan-to-value ratio is to the business
23:36 - Town Centre Securities' Debenture
28:49 - Moving out of REIT status
34:01 - Succession plans and family-run businesses
39:29 - Lord Lee discusses his portfolio

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