MULTI-MILLIONAIRE Duncan Davidson, aged 65, the man who founded York-based Persimmon, has finally retired as non-executive chairman of what is now the biggest house builder in Britain.

Today is the first day in his new "non-interfering" role as life president of the company, whose market capitalisation is £4 billion.

He marked his retirement at London's Savoy Hotel with a sumptuous lunch for management yesterday, immediately following the annual meeting.

Even in advance of the meeting, Credit Suisse analysts were reporting "further significant progress" in the group's plans to integrate house builder Westbury Plc, which it acquired for £643 million in January.

The analysts also observed that the group had so far this year already sold about 9,900 houses - 60 per cent of the number forecast for the end of the year.

In February, Persimmon reported record pre-tax profits of £495.4 million for 2005 - 5.9 per cent more than the previous year, and with sales of 12,636 homes generating a turnover of £2.29 billion.

Mr Davidson, who will be succeeded as chairman by John White, chief executive for the past 12 years, announced his plan to retire to the Evening Press last year when he said he would be kept busy on his country estate in Northumberland.

It would also mean that he would have time to concentrate on the soaring fortunes of his daughter, Rose Davidson, the leading woman jockey in National Hunt and point-to-point racing, who rides his horses.

At the time he said: "I will no longer be on the board, but as life president I will be allowed to attend board meetings if asked. But I am not going to interfere. I've done my stuff."

He is determined to end his 40-year career in housing which began when he left the army after four years in 1963, having spent time in the Middle East with the Royal Scots Greys.

After two years as a commercial trainee with house builder Wimpey, he opened Ryedale Homes from his then home in Aislaby, near Pickering, in 1965. Then its HQ moved to Malton and later, York, before he sold the venture to Comben Homes in 1972 for £1 million. (Ironically, Comben Homes was later taken over by Ideal Homes, which in its turn was taken over by Persimmon in 1996.)

On the back of the Ryedale Homes sale he launched Persimmon at Fulford, naming it after the horse that won the 1896 Derby and the St Leger for Edward VII.

By 1985, Persimmon had floated on the stock exchange and has since outstripped every other national builder in its growth consistency. Apart from acquiring Ideal homes it also swallowed up Beazer and Westbury.

Updated: 10:02 Friday, April 21, 2006