Construction business snaps up majority stake in housing contractor
Sheffield-based development business Henry Boot Construction has acquired a majority shareholding in Chesterfield housing contractor Starfish Commercial for a nominal sum.
Starfish is an established supplier to several Housing Associations and Local Authorities. It has been delivering affordable and social housing units for the last four years, often via framework arrangements.
Starfish is a joint venture partner with Magenta Living in a company known as Hilbre Homes, providing sustainable housing opportunities in the Cheshire area. This company’s position as an established provider of affordable and social housing enables Henry Boot Construction to enter this new operational area.
Henry Boot Construction is a wholly own subsidiary of listed business Henry Boot PLC.
The acquisition, with the provision of investment and wider strategic and operational support to Starfish by Henry Boot Construction, will enable the Derbyshire-based firm to continue providing its current order book and to grow its business with a future pipeline of opportunities.
Simon Carr, Managing Director of Henry Boot Construction, said: “We look forward to working with Starfish Commercial and their management team.
“Starfish have an exceptional reputation in the Social Housing Market, with a number of long term relationships and repeat clients. We believe we can help Starfish grow and continue to deliver high quality housing for both its existing clients and for new partners.
“Further, we also believe this acquisition will provide a presence in a very exciting and growing market that is an excellent fit for us.”
Martin Gerrelli, Director of Starfish Commercial, added: “Henry Boot Construction Limited and the wider group have an excellent industry reputation. We are looking forward to working closely with Simon and his team in the accelerated delivery of multi-tenure sustainable housing with our current partners and potential target clients.”
