Land promoter to build on firm foundations after major investment
Land promoter Richborough Estates has received a multi-million pound investment from Finance Birmingham and Frontier Development Capital (FDC) managed funds.
The funding will enable the Birmingham-headquartered business to increase its portfolio of promotable land and exploit the opportunities it sees in the rising demand for homes across the UK.
Richborough provides housebuilders access to “shovel ready” sites for development that are primed for construction to begin.
After securing the finance to drive its future growth, it will expand its portfolio of 80 sites and add to its 15-strong team.
Paul Campbell, managing director at Richborough Estates, said: “As a firm we’ve worked hard to plug this gap and remove the hurdles for developers such as outline planning permission, something that has clearly resonated with the market and enabled us to grow as a company.”
“This funding from Finance Birmingham and Frontier Development Capital will ensure that we can continue this upward trajectory, with plans in motion to increase the size of our team to help meet our ambitious target of bringing 2,000 new plots to the market next year.”
In 2017, Richborough delivered 1,000 plots to housebuilders that helped to create 1,200 jobs.
Finance Birmingham and its investment company Frontier Development Capital provide funding packages of up to £5m to fast-growing SMEs.
Gerald Gannaway, investment director at Frontier Development Capital, said: “Lack of access to ‘oven ready’ developable land that does not require navigation of the planning system is often highlighted as a key barrier to development for housebuilders, with many being hamstrung by capacity and budgetary issues.
“Richborough has thrived on its ability to solve those headaches for developers and through the combined investment of Finance Birmingham and Frontier Development Capital, we hope it can continue to have a real impact on increasing the rate of homes available for residents across the country.”
