The duo have ambitions to start small and then grow the business to create real scale before deciding whether to float on the stock exchange.
The news comes just one month after Hussey left Land Securities when the FTSE 100 property giant axed plans for a demerger that would have enabled him to run his own separately-listed £5 billion London business. There had been speculation of tension for months between Hussey and Francis Salway, the chief executive. Hussey was at one time regarded as a potential successor to Salway. He quit by “mutual consent” after he agreed with Alison Carnwath, the chairwoman, that his future lay outside the company. The new vehicle will be his first opportunity to demonstrate his entrepreneurial skills outside the confines of a big company.