Countryside Properties has acquired house builder Westleigh Group in a deal worth up to £135m.
Leicester headquartered Westleigh is an established partnerships home builder covering the Midlands and South Yorkshire, which achieved £150m revenue last year.
In the last 12 months it delivered 1,159 homes in partnership with local authorities and housing associations of which 92 per cent were affordable, generating and operating profit of nearly £16m.
The business, which has gross assets of £76m, was founded in 1985 by the current Chairman, Chris Beighton, who will step down from his role on completion. The experienced management team and the company workforce of 456 will be retained to continue the growth of the business, said Countryside.
Ian Sutcliffe, Chief Executive of Countryside, said: “Westleigh is a well run business with a strong strategic, geographic and cultural fit to Countryside and provides us with an excellent platform for further Partnerships growth.
“We see huge opportunity in combining Westleigh’s regional expertise with the Countryside mixed tenure business model.”
Westleigh boats a land bank of 4,981 plots and overall new business pipeline of 13,000 plots.
from Construction Enquirer http://www.constructionenquirer.com/2018/04/12/countryside-buys-midlands-builder-westleigh-for-135m/
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