Housebuilding giant snaps up Cheshire land promoter in £250m deal
Barratt Developments, the Coalville housebuilding giant, has bought Gladman Developments in a deal worth £250m.
Congleton-based Gladman operates as a land promoter, with particular strength in the south of England. In the three years through to 31 March 2019, prior to the onset of the COVID-19 pandemic, Gladman turned over £52.5m and posted profits of almost £20m.
Following the acquisition, Gladman will operate as a stand-alone business within the Barratt group led by its management team, including David Gladman, chairman and Victoria Hesson, CEO.
Gladman will continue to supply land to third parties as well as provide an additional route for Barratt to source land and help to promote Barratt’s existing land portfolio.
Gladman’s existing portfolio, comprising approximately 406 potential sites with an average site size of 242 plots, is expected to deliver an incremental 500 home completions a for Barratt from 2025.
Steven Boyes, chief operating officer and deputy chief executive at Barratt Developments said: “Barratt has built a reputation for a disciplined and competitive approach to acquiring land and Gladman’s strong credentials in identifying attractive land and promoting sites through the planning process will be an important addition to the Group.
“As always, we are working hard to help address the shortage of homes across the country and today’s acquisition of a long-standing and trusted partner will further strengthen our ability to deliver our medium-term target to build 20,000 high quality homes per year.”
Victoria Hesson, chief executive at Gladman Developments, added: “We are very proud of the expertise, track record and reputation Gladman has built over the past 34 years.
“By becoming part of Barratt we can accelerate our growth as the UK’s leading land promoter and help to realise the potential of Barratt’s attractive strategic land holdings, together delivering more high quality homes and sustainable developments across the country.”
