Housebuilder secures 21 sites to deliver 2,850 homes in two years of trading
Sheffield-headquartered housebuilder Honey has secured 21 sites across Yorkshire and the Midlands to deliver 2,850 homes with a gross development value of £795m within its first two financial years of trading.
The business was launched in October 2022 and is backed by private equity firm Alchemy Partners and its Alchemy Special Opportunities Fund IV which has £937m of fully committed capital.
For the financial year ended 31 December 2024, the Sheffield-headquartered housebuilder has achieved £85m in total forward sales and earlier this year announced a partnerships division.
The division will initially deliver 286 affordable homes for housing associations across four sites with forward sales of £60m.
In addition, Honey is currently agreeing terms on a further two partnerships sites totalling another 238 units.
Honey employs 80 people across two operating regions which have their head offices in Sheffield and Leeds.
In addition, the business has secured access to funding of £235m. Alchemy Partners is providing equity funding of £75m whilst £160m of bank funding is from four lenders – Beaufort Capital, Heritable Development Finance, Hampshire Trust Bank and OakNorth.
Honey founder and chief executive, Mark Mitchell, said: “We are significantly further ahead of where we planned to be after two years.
“We are now firmly into our build and sell phase and remain focused on delivering outstanding new homes underpinned by excellent customer care before, during and after each sale.
“Thanks to our funders, we have the financial firepower to acquire more sites and will be looking to do so throughout this year, including expanding our development footprint further south in the Midlands.”
Thomas Boszko, Alchemy Partners, added: “It’s been an incredible two years of growth for Mark and the Honey team, and this year will be yet another step up for the business.
“We are very pleased by the extraordinary progress Honey has made, and we look forward to continuing to support the business as it expands the brand throughout Yorkshire and the Midlands.”
