Business set to expand operations following new joint venture
Family run refurbishment contractor, Stonehouse Projects has formed a joint venture with international investment group LSG Holdings with the aim of expanding its operations in the property development market.
The firm which is based in West Yorkshire and has been trading for 16 years under the guidance of Steve and Fleur Waugh, who will now work alongside LSG’s managing director Patrick Leoni Sceti to further strengthen the existing business and develop the group’s property investment and development arm under the Stonehouse brand.
LSG Holdings is a UK based single family office active in direct investments across real estate, private equity and venture capital both in the UK and internationally. LSG has a history of backing successful SMEs and management teams in the Yorkshire region with previous investments in Lifterz (now exited) and The Progeny Group (current).
Steve Waugh, managing director of Stonehouse Projects Limited said: “This is an exciting time for us all. Having worked with Patrick on many refurbishments during Progeny’s growth and also the hugely successful, award winning development of the former birth place of Joseph Rowntree, it was evident from the start that we had the same appetite for sourcing, developing and delivering exceptional projects. The timely coming together of LSG Holdings and their unrivalled financial know-how together with their experience in backing successful SME’s combined with the knowledge and expertise of the Stonehouse team has given us a winning formula. By pulling on multiple years of well-honed skills and proficiencies across the group we can offer something quite unique”.
Sceti added, “This joint venture strengthens LSG with an entrepreneurial founder backed by a strong team with a proven track record and a deep understanding of the refurbishment market. Financial know-how and the resources necessary to deploy this skill set on owned investment property is a formula that is an exciting blend of our collective knowledge and expertise. Having been clients of Stonehouse for a number of years we are very excited at the opportunity of taking this partnership to the next level”.
A team led by Alistair Scott-Somers of Progeny Law and Tax and the Leeds office of Murray Harcourt led by Mark Hunter advised LSG on the investment. Susan Clark of LCF Law, Kate Naylor and Joel Topham of Sagar’s Accountants advised Stonehouse.
