Housebuilder ready to accelerate with £10m support deal
Family-owned housebuilder, Newett Homes, has today revealed a £10m growth capital investment from BGF.
The West Yorkshire-based company was founded in 2016 by Will Newett.
Since then the housebuilder, which specialises in developing three to five-bedroom homes, has accumulated a significant landbank totalling more than 3,000 plots.
The investment from BGF will allow the business to accelerate its build rate and realise an ambitious growth strategy to deliver more than 400 homes per year across the region.
Headquartered in Wetherby, Newett Homes is currently selling homes at developments in locations across Yorkshire, including The Brambles at Skelmanthorpe near Huddersfield, Brooklands at Thurlstone, near Sheffield and a new development, The Pastures at Harrogate.
Will Newett, CEO, said: “Over the last 18 months we have laid solid foundations for growth, building up a substantial landbank and investing in talent across all levels of the business.
“Our focus is creating luxurious forever homes built to the highest of standards and we have ambitions to significantly expand our footprint across the north of England.
“To deliver our strategy, we wanted a minority investment partner that recognised the potential of Newett Homes and had strong credentials in helping housebuilders to scale. We can’t wait to see what our business can achieve with BGF’s backing.”
The deal was led by Chris Boyes and Linda Nguyenova, investors in BGF’s Yorkshire team.
Boyes, who will join the housebuilder’s Board as non-executive director, said: “This is a great opportunity for BGF to invest in a business that has a strong pedigree in housebuilding and is well primed for growth.
“Newett Homes has built up an impressive reputation for delivering homes in quality locations.
“The long-term drivers for housing demand are strong and we look forward to supporting the business on its growth journey.”
Following an introduction by BGF’s Talent Network, John Cassie will also join the Board as non-executive chairman.
He is the former regional chairman of Persimmon Plc and the non-executive chairman of former BGF portfolio company Campion Homes, so brings considerable industry experience to Newett Homes.
Advisors to BGF on the transaction were Schofield Sweeney (Steven Millward, Jessica Fielden) and The Tax Advisory Partnership (Russ Cahill and Toyan Williams).
Advisors to Newett Homes were Hill Dickinson (Sandip Khroud and Rebecca Bennett).
