The co-founder of Cambridge-based Wrenbridge Land has set up a new company called Endurance Estates which will focus on commercial and mixed use development and investment in the East Midlands and east of England.

Tim Holmes sold his interest in Wrenbridge to the other shareholders including backer Palmer Capital Partners’ Ray Palmer last year.

His new company will focus on deals using his own equity as well as third party funders. Endurance Estates has just bought a site on Hills Road in Cambridge for an undisclosed sum and has is preparing to submit a planning application for a 35,000 sq ft office scheme.

It has also entered into a joint venture to develop a 150,000 sq ft mixed use business park in St Ives in Cornwall.

Holmes said: ‘I took the opportunity to capitalise on the changing market last year and to sell my interests in Wrenbridge. I set up Wrenbridge in the challenging market of the early 1990s and will go back to the same principles of working hard to make things happen.’