MRI CEO clarifies new direction

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 2, 2009 -- Ending speculation on various trade and investor blogs, the new CEO of MRI Overseas Property, Dominic Pickering, has outlined the company’s plans to focus on construction in 2009.“We launched 7 or 8 years ago and started constructing at the midway point, most of our profit now comes from construction and the day to day demands, and costs, of marketing are no longer our main focus.”
 

Pickering told OPP that MRI had gone through a major restructure in the last 3-6 months, closing some of its offices and laying off some staff as the company downsized to adapt to current market conditions. While the board is largely unchanged a significant change is the absence of former CEO Michael Liggan.
 
“Marketing was always Michael’s forte, so he has set up his own venture,” said Pickering. “This is not an acrimonious departure, and we hope he will send some buyers our way”. This new venture, called DCC International Property, was recently set up by Michael Liggan.
 
Independent venture

Confirming that DCC was “completely independent” of MRI Overseas Property, Liggan said: “DCC doesn't have an exclusive agreement to market or sell MRI developments and currently doesn't have any other exclusive agreements for the many other developments it will be marketing”.
 
Clarifying the relationship with MRI and its board, Liggan said: “I have a very close relationship to Darragh MacAnthony; not only was I the CEO for his group of companies for many years but I am also his best friend. Because of this a lot of industry people have assumed that DCC is really MRI in disguise when that simply isn't the case. Darragh wants to focus more of his time on developing and constructing projects around the world and also developing his football club Peterborough United”
 

Since DCC is currently promoting MRI projects, and occupying some of the MRI offices that had been closed down, there have been rumours of a rebrand. “It’s not a rebrand,” added Pickering. “We’ve spent 8 years building the MRI brand. We offered DCC the option of taking on the leases of some of our office space in Cyprus and Spain. They took up the offer and have even recruited some of the people we had to let go.”
 
Outlining plans going forward, Pickering said that it would not be relying on the same traditional marketing methods to sell homes. “As constructors, we still know how to sell,” he said. “But rather than spending thousands on stands at property exhibitions, we will be building a network of agents to partner with. We still have thousands upon thousands of clients on our database who have either purchased or shown interest, so we have various options open to us, but our aim is to build sales networks in the UK, Europe and the US.”
 

While MRI’s headquarters will remain in Spain, Pickering is based in Orlando, USA and is currently in negotiation with local partners to build this network. He also told OPP that MRI had been actively banking land in Europe and the US over the last year to support its focus

darragh macanthony     dcc property     Dominic Pickering     MRI Overseas Property