{"id":2154643,"date":"2026-05-20T07:00:05","date_gmt":"2026-05-20T06:00:05","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/yorkshire\/?p=2154643"},"modified":"2026-05-19T16:41:13","modified_gmt":"2026-05-19T15:41:13","slug":"honey%e2%80%99s-fast-track-to-the-top-20","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/yorkshire\/news\/2154643-honey%e2%80%99s-fast-track-to-the-top-20","title":{"rendered":"Honey\u2019s fast track to the top 20"},"content":{"rendered":"

By the time most housebuilders are thinking about regional expansion, Mark Mitchell had already lined up the sites, secured the backers and started sketching house types around his kitchen table.<\/span><\/p>\n

After launching Leeds and Sheffield housebuilder Honey in October 2022, the business is now charging towards 650 completions this year, has 31 live and pipeline sites under control and believes it can crack the UK\u2019s top 20 housebuilders by 2027.<\/span><\/p>\n

Not bad for a founder who left school at after his A-levels following a teacher telling him he wasn\u2019t cut out for university.<\/span><\/p>\n

\u201cWe see ourselves doing north of 1,000 completions in 2027,\u201d he told attendees at TheBusinessDesk.com property lunch. \u201cThat will comfortably put us in the top 20 based on last year\u2019s figures.\u201d<\/span><\/p>\n

Honey posted revenues of \u00a371.2m in its first full year of trading to 31 December 2025, based on 288 legal completions across 10 live sites in Yorkshire and the Midlands. Average private selling prices hit \u00a3297,000, generating profits of \u00a33.6m.<\/span><\/p>\n

During the period, the housebuilder recorded a private sales weekly reservation rate of 0.65 and a private sales gross margin of 23.4%.<\/span><\/p>\n

Honey also secured three additional partnership contracts accounting for 254 plots and \u00a355m in revenue – in line with the company\u2019s model of delivering 25% of volumes through partnerships.<\/span><\/p>\n

Honey was launched with backing from by private equity firm Alchemy Partners and its Alchemy Special Opportunities Fund IV, which has \u00a3937m of fully committed capital.<\/span><\/p>\n

With Michell however, there\u2019s no founder mythology here. No \u201cdisruptor\u201d jargon. No LinkedIn guru energy. Just a sharp operator who understands land, funding, margins and demand \u2014 and who believes the UK housing market still rewards disciplined regional growth.<\/span><\/p>\n

Mitchell learned the trade the old-fashioned way. He came through the ranks at Ben Bailey, eventually becoming managing director at the age of 26 after the business changed hands.<\/span><\/p>\n

\u201cI was left holding the baby,\u201d he says. \u201cThey asked if I wanted the MD\u2019s job. I took it and ran with it.\u201d<\/span><\/p>\n

Running a major housebuilder through the financial crisis gave him something more valuable than a corporate title: scar tissue.<\/span><\/p>\n

\u201cThat\u2019s where your extra learning happens,\u201d he says.<\/span><\/p>\n

He learned how quickly debt markets close, how fragile confidence can be and how operational discipline becomes the difference between survival and collapse.<\/span><\/p>\n

Born and raised in Sheffield, Mark entered the industry straight from school as a trainee quantity surveyor for Henry Boot Homes.<\/span><\/p>\n

After joining Ben Bailey Homes, part of Gladedale, he became the company\u2019s youngest ever managing director.<\/span><\/p>\n

Gladedale rebranded as Avant Homes in 2013 and, by 2021, Mark had become CEO.<\/span><\/p>\n

When the business was sold again \u2014 this time to private equity \u2014 the idea of doing it all over again started to form. Only this time, on his terms.<\/span><\/p>\n

\u201cIt started over a drink really,\u201d he says. \u201cWe knew the model, we knew the markets, and we knew where the opportunities were.\u201d<\/span><\/p>\n

The official launch had to wait because of non-compete restrictions. But the groundwork was already happening quietly in the background.<\/span><\/p>\n

\u201cIt literally started in my kitchen,\u201d he laughs. \u201cA couple of guys from the old business came with me and we were drawing house types at the table and deciding what we wanted the offer to look like.\u201d<\/span><\/p>\n

Before the company had even formally opened its doors, it had already secured three sites.<\/span><\/p>\n

That early momentum mattered. This wasn\u2019t a management team building a pitch deck. It was a team building houses.<\/span><\/p>\n

\u201cWe knew how to build the books, and we knew how to build the houses,\u201d he says.<\/span><\/p>\n

By June 2023 the first office opened \u2014 with all the glamour of a genuine start-up.<\/span><\/p>\n

\u201cNo toaster. No kettle. No pens. No phones,\u201d he smiles. \u201cYou forget how much stuff you need just to open an office.\u201d<\/span><\/p>\n

What followed was more methodical: a five-year growth plan, regional rollout, institutional capital, bank funding, land acquisition and delivery.<\/span><\/p>\n

Crucially, there was also a clear view of where the market still works.<\/span><\/p>\n

While much of the industry obsesses over London and the South East, Mark has deliberately stayed away.<\/span><\/p>\n

\u201cIn our regions, affordability still stacks up,\u201d he says. \u201cMortgage payments are still around 25% of take-home pay. That\u2019s why the market keeps moving.\u201d<\/span><\/p>\n

The business focuses squarely on middle-market family housing across the Midlands and North \u2014 typically two, three and four-bedroom homes priced between \u00a3180,000 and \u00a3400,000.<\/span><\/p>\n

No luxury product. No race-to-the-bottom starter homes. No dependency on fragile 95% mortgages.<\/span><\/p>\n

\u201cWe stay in the middle where the market always turns,\u201d he says. \u201cPeople moving for schools, jobs, family – that market never disappears.\u201d<\/span><\/p>\n

It\u2019s a strategy that looks very smart.<\/span><\/p>\n

The company completed 288 homes in its first full year of trading while still assembling the platform underneath it. This year that figure is heading towards 650.<\/span><\/p>\n

Profitability is now accelerating as operational gearing kicks in.<\/span><\/p>\n

\u201cWe made no money initially because we invested heavily,\u201d Mark says. \u201cNow the platform\u2019s there, the gearing starts working in our favour.\u201d<\/span><\/p>\n

All three regions \u2013 Yorkshire, Central and the Midlands – will be operational by October this year, with further expansion already under consideration. Land buying remains aggressive but targeted, carefully avoiding overheated areas where affordability pressures are squeezing demand.<\/span><\/p>\n

Mitchell believes too many developers became reliant on house price inflation during the ultra-low-interest-rate era and lost focus on fundamentals.<\/span><\/p>\n

\u201cYou\u2019ve always got to ask: can people genuinely afford what you\u2019re building?\u201d he says. \u201cIf the answer depends on cheap debt forever, that\u2019s dangerous.\u201d<\/span><\/p>\n

The funding model behind the growth is unapologetically private equity-driven, and Mitchell is refreshingly blunt about it.<\/span><\/p>\n

\u201cYou cannot build at scale with your own money,\u201d he says. \u201cA single site might need \u00a38m or \u00a39m before you see a return. Without equity, you simply can\u2019t grow.\u201d<\/span><\/p>\n

In a sector where some still talk about private equity as if it\u2019s an unwelcome outsider, Mitchell sees it differently: necessary fuel for housing delivery.<\/span><\/p>\n

\u201cIf funding gets restricted, housing supply drops. It\u2019s that simple.\u201d<\/span><\/p>\n

He believes PE-backed regional builders will become increasingly important as listed national developers focus more aggressively on capital efficiency and shareholder returns.<\/span><\/p>\n

But despite the growth, the thing keeping him awake at night isn\u2019t interest rates or planning reform.<\/span><\/p>\n

It\u2019s people. \u201cCulture worries me,\u201d he says. \u201cAnd labour.\u201d<\/span><\/p>\n

The construction skills crisis hangs over every ambitious builder in the country: an ageing workforce, post-Brexit labour shortages and weak pipelines of young talent entering the industry.<\/span><\/p>\n

Mitchell thinks the sector has partly created its own problem. \u201cWe\u2019ve never made construction sexy enough,\u201d he says.<\/span><\/p>\n

Through his \u2018Inspiration for Generations\u2019 foundation work, he regularly visits schools pushing an alternative message to university-first career advice.<\/span><\/p>\n

\u201cYou\u2019ve got planners, surveyors, engineers, finance people, lawyers \u2014 there are brilliant careers in this industry.\u201d<\/span><\/p>\n

Internally, he talks repeatedly about culture, engagement and maintaining the feel of a close-knit business even as headcount rises rapidly.<\/span><\/p>\n

\u201cWithout good people, you\u2019ve got nothing.\u201d<\/span><\/p>\n

And unlike some graduate professions currently staring down the barrel of AI disruption, he thinks construction still has a very human future. \u201cI can\u2019t see a robot building a house anytime soon,\u201d he says.<\/span><\/p>\n

Planning delays remain another frustration. Outline permissions can still take 18 months or more, creating uncertainty for developers trying to scale quickly.<\/span><\/p>\n

But Mark remains convinced the long-term fundamentals are overwhelmingly supportive.<\/span><\/p>\n

Britain still isn\u2019t building enough homes. Regional affordability remains significantly healthier than the South East. Demand for aspirational family housing continues to hold up remarkably well.<\/span><\/p>\n

For now, the focus is firmly on scale. Three regions operational by October. More than 1,000 completions targeted by 2027. Top 20 ambitions firmly in sight.<\/span><\/p>\n

The remarkable part isn\u2019t just the speed of growth. It\u2019s the simplicity of the model underneath it.<\/span><\/p>\n

Build where homes remain affordable. Stay disciplined on product. Protect margin. Back good people. Scale carefully. Repeat.<\/span><\/p>\n

The kitchen table might be long gone now. But the ambition sitting around it clearly wasn\u2019t small.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

After launching Honey from a makeshift kitchen-table operation in 2022, former Avant Homes CEO Mark Mitchell is driving the regional housebuilder towards 1,000 annual completions and a place among the UK\u2019s top 20 developers \u2014 with a model built on affordability, discipline and old-school operational grit<\/p>\n","protected":false},"author":271992,"featured_media":2154644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262,9],"coauthors":[137100],"class_list":["post-2154643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-property","tag-featured-story","tag-yorkshire"],"yoast_head":"\nHoney\u2019s fast track to the top 20 | TheBusinessDesk.com<\/title>\n<meta name=\"description\" content=\"After launching Honey from a makeshift kitchen-table operation in 2022, former Avant Homes CEO Mark Mitchell is driving the regional 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