Maddox steps down as chairman

Well-known Wolverhampton businessmen Peter Maddox is stepping down as chairman of his commercial development company and handing over to his two sons.

Mr Maddox, now 72, launched his company in 1972, after working for several years as a civil engineer in local government.

The business – previously known as Peter Maddox Associates but now known as Maddox – has grown to own a multi-million pound portfolio of offices stretching across the West Midlands and into Worcestershire.

The company previously operated from two offices in Wolverhampton for 20 years before creating a new state-of-the-art headquarters in Bath Avenue, Wolverhampton.

Mr Maddox's eldest son, Simon, now aged 49, joined the firm 24 years ago, followed by Richard, now 46, in 1988. Both had achieved successful careers elsewhere and, since their arrival, said Mr Maddox, they have taken the company forward "at an incredible rate."

Mr Maddox said he had enjoyed expanding the company with his sons but the time had come to let them take it forward while he took on a new role as their consultant. From its Regent House offices, just outside Wolverhampton city centre, Maddox handles offices around the West Midlands, including Fairgate House and Radio House, in Birmingham, and County House in Worcester city centre. The latter was an ex-servicemen's club which was never completed after three developers ran into financial trouble.

Last summer the company was given the go-ahead by planners to turn it into three office blocks. The Maddox firm has also drawn up plans to build a futuristic flats and offices block on a prominent site overlooking Wolverhampton's ring road.

The development is planned for a half-acre site in Tempest Street.

Mr Maddox also owned the city's historic Molineux Hote. After a £1.5 million rescue package was put together by regional development agency Advantage West Midlands the hotel was bought from Mr Maddox by Wolverhampton Council and is now undergoing redevelopment.