UK firm(Shefield United) to invest N78bn in Nigeria’s real estate, leisure sectors

Scarborough United Group Plc, SUGPlc, said it plans to invest N77.89 billion ($500 million) in Nigeria’s real estate, leisure and football services in the next six to nine months.


To actualise this, the firm which is a wholly owned subsidiary of Scarborough Group International Limited (SGIL), a United Kingdom based company, has appointed Mr Jacob Esan, a leading Nigerian investment banker into the boards of SUGPlc and Sheffield United Plc (SUPlc).
According to a statement by the company, Mr Esan will be working alongside the McCabes in an executive capacity principally to facilitate the provision of capital from Nigeria permitting SGIL via SUG to further expand its businesses in real estate, leisure and services – with Football at its hub, thereby exploiting its brand.
It is envisaged that the new funds of up to US$500 million will become available within a six to nine month period for SUG to invest in all its three business divisions. Mr Esan would also replicate similar skills and experience in Nigeria and Africa in general, the statement said.
Jacob Esan commented “Working with the other members of the Scarborough team to create a major independent group is an exciting challenge which I will relish.
“Given the anticipated size and scale of the group – and with it the famous Sheffield United – I believe the opportunity to access capital to advance the business interests in our three divisions– is of great importance.  I am committed to expanding all of our off-the-field activities taking advantage of opportunities available both in the UK and globally as a result of the continuing economic recession.”
SUGPlc and SUPlc are wholly-owned subsidiaries of Scarborough Group International Ltd, SGIL which is controlled by the United Kingdom based McCabe family, led by the well known international real estate and leisure entrepreneur, Kevin McCabe.
SGIL already holds substantial real estate properties throughout the UK and internationally with subsidiary, associated or connected companies in the Far East, China and Australia.  The Group’s global reach also includes interests in North America, Europe and India through other McCabe owned organisations.
SGIL’s initial roots stretch back to the mid-1970’s with the first Scarborough branded corporate created in 1980.  SGIL owns an 85 per cent shareholding of SU plc. Within SGIL is Forsyth Ltd, a serviced office provider of repute operating out of over twenty centres in England and Scotland that was formed by Scarborough in 1991.
source:vanguard