A renowned residential architecture platform, Resi, has announced the appointment of a new Chief Operating Officer (COO).
Founded by entrepreneurs Alex Depledge and Jules Coleman, Resi has revolutionised the home improvement industry with its tech-driven approach.
Resi’s Journey and Growth
A fast-growing residential architecture disrupter has recently appointed a Chief Operating Officer (COO) as it aims for ambitious expansion plans. Previously known as BuildPath, the company was founded by serial entrepreneurs Alex Depledge MBE and Jules Coleman MBE. They envisioned a platform where homeowners could complete building projects faster and at a lower cost.
In 2015, Depledge and Coleman sold their previous tech business, Hassle, a cleaner booking service, for a multi-million-pound sum. This sale ignited their passion for creating another innovative venture. Their inspiration for Resi came when they experienced challenges in their personal building projects. Depledge mentioned, ‘One day a company came in from the Nordics and had this 3D software…I was sitting there thinking, why didn’t my architect use that kind of functionality?’
Harnessing Technology for Home Improvement
Resi leverages the power of technology to revolutionise the home improvement process. The firm claims that its concept and design process is ten times faster and cheaper than traditional architectural practices. By utilising government datasets, Resi can automatically assess the viability of a new building design and estimate its cost.
Once the assessment is complete, Resi provides designs for development options within 72 hours. Clients can manage the entire process online, making it a seamless experience. Architects Rich Morgan and Nicholas Stockley, who were brought on board, also hold stakes in the business. The company’s revenue was around a million pounds last year, and it recently passed the 1,000 customer milestone.
Strategic Growth and Expansion
Currently employing 46 staff members, Resi aims to double its headcount this year. The company’s growth trajectory necessitated the addition of a third member to the management team for the first time.
The new arrival, James Wells, is set to take over operational responsibilities. Depledge shared, ‘We went through a rigorous process and settled on James – we think he’s got the right mixture of strategy and ops experience.’ The company believes that Wells will be integral in nurturing and training employees while maintaining a strategic vision.
Building and Selling Businesses
Bradford-born Depledge and Dubliner Coleman have matured in their approach to building businesses. Reflecting on their previous venture, Hassle, they noted the emotional attachment they had. However, with Resi, their focus is more on strategic growth and less on personal attachment.
Hassle expanded into markets in France and Ireland before being sold to a Europe-wide company, Helpling, for £27.5 million. However, the founders decided to keep Resi focused on the UK market post-Brexit. Depledge explained, ‘With Resi we’ve built a business that is Brexit-proof.’ This strategic focus allows them to navigate market uncertainties effectively.
Future Prospects and Market Impact
The residential market in the UK, valued at £23 billion annually, offers substantial growth opportunities for Resi. The company is not fixed on a particular exit strategy but is building with an end goal in mind. Whether it will be through a float or a sale remains to be seen.
Depledge stated, ‘We’re not trying to build a billion-dollar company. We’re just enjoying the ride.’ Despite this, plans are in place for Resi to expand into the new-build market and address the housing crisis by making homes more accessible and affordable. The aim is to create ‘happy spaces’ where people can thrive.
Technological Innovation and Social Impact
Resi’s founders stress the importance of using technology to lower costs and remove barriers to home ownership. By automating certain processes, they hope to make quality housing more accessible.
Depledge explained, ‘If we can automate things and take out costs, can we start applying some of that thinking and learning into building houses?’ This vision is part of their broader aim to have a positive social impact, especially by helping alleviate the housing crisis.
Resi’s appointment of James Wells as COO marks a significant step in their ambitious expansion plans. With a focus on leveraging technology and strategic growth, the company aims to make home improvement more efficient and accessible. Future prospects look promising as Resi continues to innovate and expand in the UK residential market.