Yes, the builder element is certainly a risk for FRI, I am in...

Yes, the builder element is certainly a risk for FRI, I am in the industry. I know Hanssen and how they operate is completely unique, I have admiration for Gerry, (MD of Hanssen) and what he has done, but the risk is that he is irreplaceable as the MD. He is a dictator or sorts, involved in all aspects at all times - so who fills those shoes?

If Finbar were to go to the market for another builder they would get a rude awakening - and I'm sure they know it. Hanssen needs Finbar and vice versa, but can that relationship span the next 20 years?

My thoughts regarding the JV were that when they were establishing the business and brand it was a great tactic to put minimal money down and get projects moving and grow the business.
But to see real growth in the SP they need either have many more projects on the go (of which the market dictates) or less JV's landowners sucking too much of the profit.

Maybe FRI was listed because it was a clean easy way to raise money and bring in investors to fund projects when needed along the way, the dividend return is good. But from a long term growth perspective they don't seem to spreading their wings enough.
They now also seem to have a viable competitor in the market, Blackburne, who seem to be producing a better product - but at a higher cost. There is no doubting Finbars efficiencies and edge......