Manchester Developer Daren Whitaker Moves to Monaco After Securing Seven Hundred Million Pounds in Public Loans

A prominent property developer who received more than £700 million in loans from the Greater Manchester Combined Authority has relocated to Monaco, a renowned tax haven. Daren Whitaker, founder of Manchester development firm Renaker, is now registered as a resident of Monaco according to recent filings with Companies House. This move follows months of scrutiny regarding his company’s financial relationship with Andy Burnham’s Manchester authority.

Whitaker’s firm, Renaker, has played a central role in reshaping Manchester’s skyline, securing substantial funding from the GMCA’s Housing Investment Loans Fund. These loans, which total nearly £745 million, were primarily intended for luxury residential towers. The financing arrangement attracted controversy, particularly after rival developer Aubrey Weis pursued legal action, alleging Renaker disproportionately benefited from public money to develop high-end buildings that largely excluded affordable housing. Some units were reportedly marketed directly to international landlords.

The lawsuit was ultimately dismissed by the Competition Appeal Tribunal, which upheld the authority’s decision to provide significant loans to Renaker, including £140 million for two city centre skyscrapers in 2024. One of these developments, Contour Tower, is set to include luxury amenities such as a dog spa, virtual driving range, and a Mahjong room, with entry-level one-bedroom apartments starting at £275,000. Weis is reportedly appealing the tribunal’s ruling.

Filings indicate Whitaker has stepped down from multiple UK-based companies affiliated with Renaker, although the Manchester authority has confirmed that the directorship changes do not affect the terms of existing loans. A spokesperson stated all loans were made to UK-registered companies and underwent a standardised due diligence process, with oversight from external financial experts.

Originally from Yorkshire, Whitaker began his career at Laing O’Rourke before founding Renaker in 2006. Over nearly two decades, he has become a leading figure in Manchester’s property market, growing his personal wealth from £140 million in 2020 to £698 million as reported in the Sunday Times Rich List. His latest and most ambitious project, the 71-storey Lighthouse skyscraper with 642 high-end apartments and a rooftop restaurant, will headline a cluster of five towers delivering nearly 2,400 homes.

Renaker has delivered over 8,000 homes to date, with an equal number in the development pipeline. Whitaker’s move to Monaco places him among other high-profile business figures who have taken residence in the city-state, which does not levy income tax on residents. The relocation, together with recent executive changes at Renaker, continues to raise questions about the intersection of public funds and private property development in Manchester.