Luxury Cornish developer moves to secure future of the business

A Cornish based developer of luxury homes has moved to protect the future of the business.

Stephens and Stephens Group, which employs 140 people, has completed what it describes as a positive restructuring process.

The developer is run by husband and wife team Paul and Helen Stephens and operates across Cornwall.

The firm said the strategic move, which took place over several months, will improve efficiency and focus the company’s efforts on its six current live sites.

The developer has secured more than £147m in investments over the past seven years for its luxury housing projects but has faced unprecedented challenges including Covid, Brexit and soaring costs.

The plan is to rearrange construction activities into specialised, standalone entities with the aim of safeguarding jobs and ensuring financial stability for subcontractors and trade accounts.

The company has a portfolio which includes 11 major developments.

Paul Stephens added the restructuring will ensures each development is individually protected, maintaining the safety and security of customers, investors, and the construction team.

He added that all jobs, projects, and partnerships remain secure and unaffected.