THE HEAD of a developer at the centre of plans to redevelop a vast slice of Southampton's waterfront stands to make a £440m personal fortune from the sale of the company.

As reported in later edition's of yesterday's Daily Echo Ocean Village developer Wilson Bowden has confirmed it has received informal approaches from rivals, believed to be George Wimpey, Redrow and Bellway.

It is thought a would be unlikely to impact on plans for the two remaining blocks at Admiral's Quay.

The scheme of 435 flats and 5,000 sq m of shops and retail is a cornerstone of plans to reinvigorate the area.

Wilson Bowden chairman and founder David Wilson, pictured, has a personal holding of 22 per cent and members of his family own another 11 per cent.

The company is currently valued at £1.7 billion. If the family sold at £2 billion, the family's share would be £660m and the holding of Mr Wilson, 64, who founded the business in 1961 with his father, would be worth £440m.

A takeover of Wilson Bowden by any of George Wimpey, Redrow or Bellway would create Britain's second-largest housebuilder after Persimmon. A company statement said: "The board can confirm that it is in preliminary discussions with a number of parties regarding a possible offer for the company."

These discussions are at a very early stage and there can be no certainty they will lead to a formal offer being made for the issued share capital of the company.