Blackstone boss Stephen Schwarzman hits newt trouble amid £80m Wiltshire estate revamp

Stephen Schwarzman has been complaining to chancellor Rachel Reeves about the problems he’s been having with the UK’s planning process

An adult male great crested newt (PA Media)

A billionaire private equity tycoon may have run into one of his most formidable opponents yet: the great crested newt.

Stephen Schwarzman, who is the boss of Blackstone and considered one of the most powerful men on Wall Street, has been complaining to chancellor Rachel Reeves about the problems he’s been having on his country pile in Wiltshire.

Mr Schwarzman purchased Conholt Park, a 17th century estate in 2022, and has planning permission for development including a three-storey wing, a renovation of the stables and a new lake.

However, as part of the process Mr Schwarzman’s contractors will have to follow a habitat strategy prepared by ecologists and check each day for great crested newts, despite a previous survey finding there were none at the site.

The private equity tycoon has been regaling Ms Reeves about the various planning issues he has to navigate in order to comply with his planning permission, the Financial Times reports.

Stephen Schwarzman

Ms Reeves was due to meet him in New York on Tuesday night, impressing on her the difficulties of building things in the UK.

The chancellor has made streamlining the planning process one of her many targets to “fixing the foundations” of Britain’s economy and sparking future economic growth.

A part of the coversation will also have been a new data centre that Blackstone is hoping to build in Blyth in Northumberland – the sort of project Ms Reeves is hoping to fast track.

However, Ms Reeves can do little about Mr Schwarzman’s current newt issue which requires he abide by a number of concessions, according to a plan submitted in May to Wiltshire Council.

These include having an ecologist on site during construction and workers checking the site for the great crested newt.

In addition, mitigation for the newts should run “for at least 30 years from the completion of the development”. Blackstone has been approached for comment.

Great crested newts, which are black with spotted flanks and an orange belly, are protected under UK and European wildlife law.

Their numbers are in decline, with habitat loss being their biggest threat.

In 2023 former prime minister Boris Johnson also ran into problems with the great crested newt.

The ex-MP had previously pledged to “do whatever it takes” to protect the newt population, including building “newt motels” if necessary, to get permission for the planned 11-by-four-metre swimming pool.

He eventually won permission to build an outdoor swimming pool at his Grade II-listed Brightwell Manor, which he shares with wife Carrie and their children.