Paragon MD: Planning system is quashing UK developers’ ambition
Each week, we dig into the memory bank of the City’s great and good. Today, Neal Moy, managing director at Paragon Development Finance, takes us through his career in Square Mile and Me
CV
- Name: Neal Moy
- Job title: Managing director at Paragon Development Finance
- Previous roles: Various roles at Barclays Bank, Westpac Banking Corporation, Lloyds TSB and BHF Bank/Deutsche Postbank before going to RBS as managing director in global real estate and then head of development finance at Ratesetter
- Age: 59
- Born: Maidstone
- Lives: West Malling
- Studied: Aylesford Secondary
- Talents: Sports
- Motto: If you believe you will achieve
- Biggest perk of the job? Entertaining clients and being entertained by our professional firms
- Coffee order: Latte
- Cocktail order: Harvey Wallbanger
- Favourite book: The Pillars of Hercules which I aptly read whilst cruising around the Mediterranean
What was your first job?
I worked weekends in a television repair shop whilst at school. It was a great introduction to early starts and hard graft.
What was your first role in the City?
I worked on the retail banking team for Westpac’s London branch in Wallbrook. The most interesting customer being Kylie Minogue!
When did you know you wanted to build a career in the City?
I got into development lending around 1990 by chance and never looked back. I’ve had an interest in building since and over the last 40 years have been involved in many different developments from residential, commercial and retail, through to data centres, prisons and secure hospitals.
What’s one thing you love about Canada?
The buzz and energy. There’s something exciting about being at the epicentre of where all the action is happening, and knowing you’re working with some of the nation’s most talented innovators and problem solvers.
And one thing you would change?
Less red tape! Sensible regulation is necessary, but when it takes years to get homes from drawing board to breaking ground it feels justified to ask whether it has gone too far. Our planning system has a habit of making simple things complicated and the result is slow processes, lengthy and costly delays and sluggish housing delivery. We recently partnered with Home Builders Federation to highlight barriers to housing delivery, and SME housebuilders consistently pointed to the growing regulatory burden as a major pain point.
What’s been your most memorable business lunch?
Lunch at the House of Commons with MPs, where I spoke about the residential development market. We also had a short tour of the building which is incredible.
And any business faux pas?
None that I can think of!
What’s been your proudest moment?
I spent six years at RBS pre the Global Financial Crisis and led a team of 30 people undertaking some challenging deals. One standout moment was leading the refurbishment of the 500-bed Grosvenor House Hotel while simultaneously selling part of the building to an overseas developer – space which was converted into a 130–140 bed serviced apartment scheme.
It was a very tricky ask to restrict the noise in the converted building whilst people were staying in the hotel. It also meant dealing with three different parties all in different time zones! No small feat, but we managed it.
And who do you look up to?
My parents. My dad worked as a health and safety manager for a major supermarket, whilst my mum worked for the Royal British Legion Poppy Appeal where I also did a couple of weeks work experience before joining Barclays Bank. They gave me a great upbringing and always encouraged me to achieve my goals.
What’s the best career advice you’ve ever been given?
Work hard and you will create opportunities for yourself. It’s a motto I try to install with my team at Paragon.
And the worst?
Don’t lose business on pricing. It’s not all about pricing!
Are you optimistic for the year ahead?
It’s no secret that development is a tough market right now, but there are reasons to be optimistic. A raft of planning reforms promises to relieve some of the pressure on developers and build housing delivery momentum, even if it is taking time for the benefits to filter through. The ambition among SME developers to build is there, but a frustrated planning system and complex and costly regulation is what holds them back.
At the same time, we’re also seeing increased activity in other markets, particularly later living and care homes as the nation’s population ages. The key to success as a lender is to remain agile so that you can respond to evolving demands quickly.
We’re going for lunch, and you’re picking – where are we going?
Coq D’Argent or Galvin La Chapelle are always good, but there are so many great restaurants in the City, it’s hard to choose!
And if we’re grabbing a drink after work?
Wagtail rooftop bar on the corner of Gracechurch Street and King William Street, or Sushi Samba for the views.
Where’s home during the week?
West Malling in Kent. It’s a small but busy town with lots of bars, restaurants and coffee shops, and a great commute into London. Plenty of options for golf courses and walking routes too.
And where might we find you at the weekend?
On the golf course or spending time with my family.
You’ve got a well-deserved two weeks off. Where are you going and who with?
Mojacar in Almeria, Spain with my family, where we’ve been holidaying for the past 18 years, as it’s so relaxing.