Richlister Cathie Reid ready for Virgin Galactic space flight

A Brisbane richlister booked her seat on Richard Branson’s Virgin Galactic back in 2016 and now could be heading into space as early as next year.

Icon Group founders Cathie Reid and Stuart Giles, 50. Picture: Mark Cranitch

Richlister Cathie Reid could be heading off to space as early as next year.

The co-founder of cancer care giant Icon Group booked a seat on Richard Branson’s Virgin Galactic back in 2016 and says she is excitedly waiting for the call up.

Cathie says Branson’s inaugural space flight last month brought home the fact her own journey was getting closer. “It has been a dream for so long and to see Richard going up was just amazing,” says Cathie.

Cathie, who will have to undergo refresher g-force and zero gravity training before boarding her flight, says she probably won’t be among the first passengers on the reusable spacecraft. “There have been people in the program a lot longer than I have,” she says.

Back on earth and Cathie has confirmed that a sale process is underway for the $2bn Icon Group with a field of interested bidders that are believed to include Singapore’s sovereign wealth fund GIC and one of the country’s prominent infrastructure investors Keppel Corporation.

Icon Group founders Cathie Reid and Stuart Giles. Picture: Mark Cranitch

Icon was sold by Quadrant Private Equity in 2017 to a consortium including Queensland Investment Corporation, Goldman Sachs Private Equity and China’s Pagoda Investments for $1.2bn. Cathie and husband Stuart Giles still own more than 5 per cent of the company, potentially valuing their stake north of $100m.

The power couple last year announced they would step back from the billion-dollar health empire they founded more than 20 years ago to focus on investments in the tech and health sectors. The couple who met as young university pharmacy students in the 1980s say the time had come for them to pass the baton.

Their Heal Partners fund has invested in US tattoo removal business Removery along with a raft of other health and lifestyle related businesses.

BUILDING SNAG

The construction watchdog has suspended the licence of Gold Coast home builder Hampton Pacific after complaints it was not paying suppliers.

The Queensland Building and Construction Commission (QBCC) moved against Varsity Lakes-based Hampton after concerns it could cause “serious financial loss” to employees, consumers, suppliers and builders.

QBCC commissioner Brett Bassett says the watchdog had received a complain from a supplier on Wednesday that it was owed money by Hampton followed by a number of complaints from consumers.

“After a brief initial investigation it was determined the builder would be immediately suspended due to the real likelihood that serious financial loss may occur,” says Bassett.

The construction watchdog has suspended the licence of Gold Coast home builder.

“An immediate suspension like this doesn’t allow for the usual show cause period where a licensee can make written submissions but is part of the QBCC’s regulatory arsenal.”

According to QBCC records, Hampton Pacific has completed 17 projects over the past two years valued at more than $4m. Hampton Pacific is a category 2 builder, which means it has an allowable annual turnover of between $3M and $12M.

The builder has been cooperative with QBCC’s ongoing investigation. Homeowners who may have incomplete projects are urged to contact the QBCC. Comment has been sought from the company.