Expanding Weston Homes invests in logistics division

South east volume house builder Weston Group is ramping up its fledgeling logistics arm as part of a big expansion drive.

Founder and chairman Bob Weston said he was investing £28m in the business as the group unveiled pre-tax profits up 54% to £35m on revenue ahead nearly 30% to £248m.

“Our plan is for the group to double in size over the next five years and we have a development pipeline of 6,000 new homes with a completed value of £2bn,” said Weston.

“In order to facilitate this growth, the group is injecting £28m in new investment into the business in the form of upgraded infrastructure, a new HQ and logistics warehouse and more staff employment and training.”

Stuart Thomas, group finance director at Weston Group added: “Weston Group is delivering steady and sustained growth, with revenue and profits rising, putting the business in a very strong financial position.

“Over the next 12 months, we will facilitate further growth through substantial investment in the business and acquiring more urban sites for development across outer London and the South East of England.”

The company’s funding facility has risen to £200m, providing £90m of headroom up to April 2020.

Weston said that combined with equity delivered by ongoing developments, the group now had the funding needed to make a substantial investment in new developments over the coming year, with a focus on buying sites in outer London and South East England.

Weston Group has now expanded to have four operating divisions: Weston Homes, the residential development business; Weston Business Centres, the serviced offices division; the environmental consultancy business and Weston Logistics, the group’s newly launched, 40-staff strong, logistics and plant hire business.

Construction has started on a new 49,000 sq ft head office in Stansted and Weston Logistics has opened a 75,000 sqft automotive-industry style distribution centre near its head office.

Alongside the residential development business, the revenue delivered by the group’s serviced offices and environmental consultancy business was also up on last year.

 

 

from Construction Enquirer http://www.constructionenquirer.com/2018/11/19/expanding-weston-homes-invests-in-logistics-division/

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