VINCI Construction UK buys ION Property Group, plans merger to form ION Developments unit
VINCI Construction’s UK division has acquired Merseyside-based ION Property Group and announced plans to merge VINCI UK Developments, aiming to create a single development business under the ION Developments brand focused on local authority urban regeneration.
The combined operation will be based at ION’s headquarters in the Port of Liverpool Building. The two businesses already collaborate on several schemes, including major regeneration projects in Derby city centre, Chester Northgate 2, the Coventry Civic Centre site and Northwich Weaver Square.
ION’s existing development portfolio — which includes Stafford town centre, Borough Yard, Birkenhead and Westgate Wakefield — will also be delivered by the newly combined entity after the transaction. The merged business is set to be led by Managing Director Steve Parry and Commercial Director Rob Mason, both former ION directors, alongside Finance Director Ian Hudson, who previously headed the VINCI UK Developments finance team.
The deal follows 36 years of private ownership at ION and will see shareholders and non-executive directors Peter Hynd and Gavin Douglas depart the business.
“This is the ideal moment to bring together these two specialist businesses to create a single regeneration developer with the vision, experience and resources to bring projects of all sizes to life,” Parry said, adding that an existing forward pipeline would benefit from the new structure.
Hynd said ION had delivered transformational schemes in partnership with the public sector and described the deal as a testament to that track record. Scott Wardrop, Chief Executive of VINCI Construction in the UK, said the transaction would create “a consolidated development business” capable of harnessing more collective strengths and supporting more local authorities and other clients to achieve long-lasting, positive change.
In the year to 30 June 2025, ION Property Group Limited reported turnover of around £1.6 million, up from approximately £797,000 a year earlier, while operating profits dipped from £17,422 to £10,654.