Land firm sold in MBO

Birmingham land promotion firm Richborough Estates has been sold in a management buy-out.

The deal was funded by Beechbrook and advised upon by Alantra.

Paul Campbell, chief executive at Richborough Estates, said: “As a land promoter, we incur all costs ourselves and are remunerated only after the site is sold to our chosen development partner. The planning process can be long and complex, often incurring considerable costs, so it’s essential that we have suitable funding in place to facilitate this process.

“The facility that we have secured from Beechbrook, with the expert advice of Alantra, enables us to deliver on our extensive pipeline of sites, and to focus on new acquisitions nationally with a strong and motivated management team.”

Tim Johnston, investment director, Beechbrook, added: “We have really enjoyed working with the team at Richborough, who are highly regarded in the land promotion market, and we are looking forward to supporting the Richborough team over the coming years as they continue to develop their excellent track record.”

Richard Sanders, Midlands senior partner, Alantra, said: “We are delighted to have supported another local success story. Richborough has been through a significant growth phase and is now well-placed to help fulfil the well-publicised housing shortfall. The business is currently working on a tremendous pipeline of opportunities and looks set to continue its growth trajectory over the coming years.”