Housebuilder strengthens working capital foundations with £50m portfolio sale

MJ Gleeson has sold a £50m portfolio to investors Carlyle and Gatehouse Investment Management which will enable the housebuilder to accelerate the opening of more sites.

The deal is for 288 homes across multiple schemes which are scheduled to be completed within 12 months. Cash payments will be made upon completion of each home, and will ultimately total £50.4m.

The Sheffield-headquartered housebuilder said the deal “strengthens Gleeson Homes’ forward order book and allows the business to expedite the opening of new sites”.

Chief executive Graham Prothero added: “This transaction represents a compelling opportunity in the context of the current uncertain market environment and we are delighted to be working with partners of the calibre of Carlyle and Gatehouse, who value the quality of our product and the communities which we create.”

MJ Gleeson also confirmed that its results for its 2023 financial year, which ends today, will be in line with expectations.