Derelict Site Worth £1.2billion!

Small Businesses Ideas 063

Names: Eddie Healey (brother of Malcolm Healey) and Paul Sykes.

Ages: Eddie, 60 yrs. Paul, 55 yrs.

'Foolish' Idea: Turning a derelict site into a shopping and leisure centre.

Start-up Costs: Building costs approx. £400million.

How Idea was Launched: In 1986, Eddie and Paul started the work on a derelict site outside Sheffield, to turn it into Meadowhall, which is now the last of the out-of-town shopping centres still in private hands.

The holding company for Meadowhall, is Eddie's Stadium City. Eddie started his working life by running his father's Hull DIY chain. He then moved into property.

It was Eddie's decision to create Meadowhall, on the derelict site near the M1. He decided to team up with Paul Sykes for the project.

Eddie also has other assets, including an interest in a German version of Meadowhall, that is just as successful.

Paul's early working days were spent breaking up old buses in Barnsley and selling the parts in the Far East. He entered the property market in the early 1980's, and teamed up with Eddie in 1986 for the Meadowhall project.

In 1995, Paul invested £10million in the Internet company, Planet Online. August 1998, Planet Online was taken over in a £75million deal, Paul collected £47million for his share.

He also has interests, in other property through Paul Sykes Group. Politics now dominate his time, and Paul has joined the ranks of high profile businessmen to be passionately opposed to joining the single European currency.

Earnings: Meadowhall shopping and leisure centre is valued at £1.2billion (1998).

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