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TWST: In order begin this interview, could you give us brief overview of FairBriar (FBR.L) ?

Mr. Walker: Well, I think, in terms of the overview of the business, our core business is residential development and house building. We’re a niche player in the Central London and Southeast market. We develop high-margin, middle-to-upper tier of the market product. So, for example, in our latest scheme, we’ve released products priced between £260,000 and £570,000. So it’s that kind of area, not the upper, upper end, but the upper middle, if you like. That’s the niche. We trade on margin more than volume and achieve high margins for a very good and well thought out product.

TWST: Could you describe the current property development market in London, and also your specified serviced apartment market?

Mr. Walker: The development market currently, in terms of re-sales, is very strong. There’s been a lot written and said about house prices. It’s a bit of a national obsession here in the UK. What we’re finding is that our product is being well received when we’re releasing things. In the last weekend, we launched a scheme in Islington. In the first two days, we sold 14 of the 20 apartments that we released straight away and this development is some way off from being finished. So in the first two days we sold 70% of that first release, so it’s a very strong market for the right type of product, which we believe we have. I think there is possibly an issue at the higher end of the London market, talking about units around £1,000,000, which are probably affected by the lack of bonuses and loss of jobs in the financial services sector, but that is not a major factor now in our business, which is to say that our latest releases are going well. So that’s really the background to our experience in the market currently. In terms of serviced apartments, as I said earlier, our institutional partnership owns quite a portion of the assets that we manage and that division has had its best quarter in the quarter to September. So that’s actually performed well in what is actually sort of a tough-ish market. Certainly the straightforward rental market has suffered. I think rent is statistically down about ten percent from the year before, partly due to oversupply. But our product in the serviced area is slightly different than that and has held up well, we’ve found, in the current market. I think that’s partly a function of the quality of the product that we have in that portfolio. What was a major development scheme for our Stanhope Gardens two years ago is proving to be very popular, and pretty well occupied, as a serviced apartment product.

TWST: If you were speaking directly to a potential investor, is there any central message that you would like to communicate to them?

Mr. Walker: Yes, I think this is an interesting company that is very undervalued currently. The board has a significant stake in the company’s equity, and, therefore, a vested interest in creating value. We’re an interesting company with great potential, and a profitable track record.