Town Centre Securities (TOWN) is one of the UK market’s oldest names. Founded, managed and largely controlled by the Ziffs of Leeds since its listing in 1960, it is a typical John Lee stock: a cash-generative, dividend-paying, and storied family business with roots in the North.

Another factor explains John’s recent decision to start building a stake in the group. At £1.15p, Town Centre’s share price trades well below half of the company’s net asset value.

In this latest CEO interview, John and IC associate editor Alex Newman speak with Town Centre’s chief executive and chairman, Edward Ziff, about the business’s past and present, and the prospects for closing that enormous valuation gap.

Let us know your thoughts, or if you have any questions or any suggestions for future guests, by emailing alex.newman@ft.com.

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Timestamps:

00:00 - Introduction

00:30 - How developments in Iran are affecting Lord Lee's investing plans

03:25 - Dr. Edward Ziff explains Town Centre Securities business

07:13 - How Town Centre Securities real estate assets are spread

11:44 - Recent performance of Town Centre Securities

15:40 - Lord Lee's previous dealings with Town Centre Securities

19:07 - How important leverage and loan-to-value ratio is to the business

23:36 - Town Centre Securities' Debenture

28:49 - Moving out of REIT status

34:01 - Succession plans and family-run businesses

39:29 - Lord Lee discusses his portfolio

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Meeting Town Centre’s executive chair: Lee and the IC