Radleigh Homes sold to Redrow

Chris Neve, joint managing director of Radleigh Homes; Debra Martin, partner at Geldards; Peter Gadsby, chairman of Ark Capital; Sally Saunders, assistant director of corporate finance team at Cooper Parry and Tom Finnegan, joint managing director of Radleigh Homes

Derby-based housebuilder Radleigh Homes has been bought by residential giant Redrow in a deal which will see majority shareholder and chairman Peter Gasdby leave the business.

Radleigh Homes has been in operation for over two decades and completed around 200 new homes in 2016. The business has a pipeline of over 1,300 plots with planning and a further 1,200 plots controlled under options in its strategic land bank.

It will be re-branded to Redrow.

Radleigh Homes’ 70 employees will become part of a new Redrow Homes East Midlands division based out of the existing offices on Pride Park, Derby.

In the financial year to the end of June 2016, Redrow completed 4,700 much-needed quality family homes with a turnover of £1.38bn and a profit of £250m. The company was founded by Chairman, Steve Morgan CBE, in 1974 and has now established itself as one of the country’s top housebuilders.

John Tutte, Chief Executive, Redrow, said, “I’d like to thank Peter Gadsby, for the opportunity to acquire the business and I welcome the Radleigh Homes team to Redrow.

“As a result of the deal, additional and much-needed quality homes will be built in the region – benefitting local customers, colleagues and businesses within the supply chain.

“The acquisition will allow us to roll-out the Redrow brand to new customers, and add to our existing portfolio of developments in the East Midlands. We’re looking forward to introducing our award-winning product range to even more homebuyers in the region.”

Peter Gadsby, Radleigh Homes, said, “I am delighted that Redrow have decided to acquire the business as they hold similar values to our own. I have personally known and done business with Steve Morgan CBE for many years and have identified Redrow as the perfect fit to take Radleigh on to the next stage.”

“Also, we share a former passion, having both been former owners and chairmen of our local football clubs, Derby County F.C and Wolverhampton Wanderers F.C respectively.”

PKF Cooper Parry and Geldards advised on the deal.

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