HIMOR acquired by Wain Group to create £200m business
HIMOR, the strategic land and property company based in Carrington, Greater Manchester, has been acquired by South West residential property developer, Wain Group, creating a £200m turnover enterprise.
The acquisition will significantly bolster the land holdings at Wain Group, with HIMOR having amassed over 2,000 acres of freehold strategic land and a further 1,000 acres currently being promoted on behalf of third party landowners.
The announcement follows the recent retirement of Bill Ainscough as non-executive chairman of Wain Group.
His son Will Ainscough, the founder and chairman at HIMOR, has been appointed as executive chairman of the group and Steve Owen, previously the long-serving group chief executive, re-joins as group finance director.
Richard Bailey, chairman of the northern region for N M Rothschild, has also been appointed as a non-executive director.
As part of the restructure Wain Group will operate three distinct divisions: Wainhomes North West, Wainhomes South West and HIMOR.
Will Ainscough said: “The group has ambitious plans to build on its unrivalled reputation in the housing market and increase house building activity. It will also now look to deliver larger strategic schemes.
“HIMOR will remain focused on mixed-use developments, complicated brown field sites and property investments that have long-term redevelopment potential.
“The new structure is beneficial for both companies; Wainhomes will have access to an even wider land supply whilst HIMOR will be able to utilise the expertise of Wainhomes to bring forward its larger strategic sites into development.”
For the year ended June 2016 Wain Group reported a pre-tax profit of £38m on sales of £168m. Its accounts also highlighted that the gross development value of land under control stood at £2.1bn of which £870m already has planning consents.
Significantly, the land in development increased from £456m to £605m over the financial year.
Earlier this year HIMOR revealed plans to promote a mixed use development of 7,500 family homes and 8 million sq ft of employment space on the former Shell refinery in Carrington, Manchester.
Will Ainscough added: “Bill was at the helm of Wain Group for 44 years and leaves the company in excellent health. The combined Group is in great shape to carry this success into the future.”