9amBusiness recently met with Bristol based entrepreneur, activist and multi-exited founder Johnny Palmer (above), to hear more about this proposed plans to acquire the iconic Leigh Court Estate from Business West.
Can you tell us more about your plans for Leigh Court Estate
Picaroon is a long-term plan to transform the Leigh Court Estate into a locally owned destination for creativity, entrepreneurship, community, wellness, and culture. The aim is to bring together the people and organisations shaping the region’s future and give them a home designed for work, collaboration, events, and regeneration.
I already own the Stables at Leigh Court, purchased in 2021 as a strategic foundation for the wider vision. From the start it was clear this estate could become a flagship example of what our region is capable of when creativity and purpose collide.
What is the status of the project now?
Over 1,000 people have now joined the waitlist for Picaroon, representing entrepreneurs, creatives and media across the region. Right now we have comprehensive designs, CAD, a brand identity, a phased development plan and all the financing in place. We have even built the code base for the membership and operations software platform. We also have the key members of the team either already working on other projects in our group or primed to get on board when it presses forward.
How do you plan to fund the project?
Last year I sold my events company, giving both the time and capital to drive Picaroon forward. The wider group of companies and commercial property holdings I own, also underpin the project.
There will be some bank financing, but importantly no third-party investors. The development is phased, meaning it grows organically and funds its own progress — a model I’ve always used to keep projects creative, resilient and fast-moving.
What is holding up the project?
Simply, we are awaiting acceptance of our offer. Everything else is ready.
What is your offer and how is it structured?
Our offer is unconditional, fully financed, immediately proceedable and is based on a detailed understanding of the estate’s complexities.
Through owning and operating the Stables, we understand the historic title issues and technical challenges of the estate. Many of these we have already resolved or have established clear pathways to resolve.
Our offer reflects these realities and is set at a “no regrets” level — meaning the price protects both parties from future surprises.
Who currently owns there Leigh Court?
Business West are the current owners. They provide important support in areas such as export, trade documentation and regional business services. However, managing a Grade II* listed estate and events venue is outside the core purpose of their QANGO-structured organisation, particularly given the shift in their membership model and operations.
Why hasn’t the current owner done what you want to do?
Business West emerged from a different era and culture of business. Picaroon is designed for a new generation — where work, recreation, creativity, and wellbeing overlap. It requires a collaborative, fast-moving, people-centred culture, often-disruptive which sits outside the remit of the current owner.
Why has the sale taken so long?
I submitted a proceedable offer in 2022. The property went onto the open market in March this year.
Typically, a disposal of this type would take around:
• ~8 weeks of marketing
• ~4 weeks of legals
• ~4 weeks to completion
This process has now taken many months longer. There has been notable uncertainty and inconsistency around the sale process, which is highly unusual in commercial transactions of this nature.
We assume this may relate to complexities among other bidders, legal structures, valuation questions, or advisor networks. Our approach has always been: if something can be done, establish that quickly; if it cannot, establish that quickly too.
Do you know who the other buyers might be?
As I and others have access rights across the entire estate it is important potential bidders speak to us to understand the risks of the property. Four separate parties have done so and learnt a lot about the estate and its complexities. They are all now friends and have all declined to proceed to making offers.
While we are aware of other interested parties we are not aware of who else may be making an offer and they have not spoken to us. So I can only guess that they have not done full due diligence at this stage which for a deal of this size and complexity is odd, to put it lightly.
What qualifies you and your team to take this on?
I operate with an “A-player” policy — working only with teams at the top of their field.
My own experience includes:
• 25 years running and scaling an events company
• 15+ years in commercial property investment
• Operating an accommodation business
• Achieving some of the region’s most complex planning consents
• Launching multiple software products
• Working in environmental activism and wellness
Combined with the team already in place across our group, the skill-set is unusually well aligned with what this estate needs.
What is the economic impact of Picaroon going to be?
The impact of our plans with Picaroon are huge. Over the next ten years we expect to see:
• £44.3m of additional economic activity
• 90%+ of all income staying local with local suppliers, reinvestment and supply chain
• Direct capital investment of £8m+ over phases 1-3
• 56 new jobs created in roles with high training investment
• 14,000 additional high-value overnight visitors to the area who are actively engaged in cultural activities
• 200+ micro projects directly enabled or supported
• Our incubator and accelerator will
• Help launch 40 new enterprises from the ground up
• Convert 20 of these to seed funding
• Accelerate 10 of these to series a funding and launch
Why is local ownership important?
Far too many regional assets are owned by organisations outside the area, resulting in capital continually flowing out of the region.
Picaroon reverses this.
Local ownership means:
• Money stays in the region
• Communities benefit directly
• Decisions are made by people who live with the consequences
• Visitors bring new income into the region rather than extracting it
This is how prosperity compounds.
Does the recent budget change anything?
The UK’s institutional and political pace is slow, and progress is limited. But the truth is that there is a huge number of people like us — ready to build, create and solve problems without needing handouts.
All we need is for unnecessary barriers to be removed. Picaroon fits perfectly into this principle: a locally owned, self-funded, community-serving project ready to go immediately.
What happens if the sale doesn’t happen?
It would be a major missed opportunity for the region. Bristol needs what Picaroon is offering.
If it does not progress, I will continue to develop other projects — including my second airliner conversion and the wellness business on my river island in the Cotswolds — and I am exploring opportunities abroad. The concern, shared by many, is that the stagnation in the UK may limit the scale of projects we can build here.
But my strong preference is to deliver this in Bristol, for Bristol, with the people who have already rallied behind it
You can read the full vision here:
9amBusiness approached Business West for comment and Phil Smith, Managing Director, Business West, said: “As we have previously stated, we have received a number of credible offers on Leigh Court and are currently engaged in a confidential sales process. As a member-led organisation focused on supporting the 15,000 businesses and organisations we serve and driving long-term prosperity for the wider region, we are committed to securing the best value and outcomes from this sale.”