Countryside Properties has acquired housebuilder Westleigh Group in a deal worth up to £135.4 million.
Established in 1985, Westleigh is a Leicester-based partnerships business building homes in the Midlands and South Yorkshire. In its year ending March 31 2018, it delivered 1,159 homes in partnership with local authorities and housing associations, 92% of which were affordable. Its unaudited revenue for the year was £150.6 million with an operating profit of £15.6 million.
Chris Beighton will step down from his post on completion on the deal. Westleigh’s management team and staff of 456 will be retained to continue the growth of the business, Countryside said.
Countryside, a housebuilder and regeneration partner, also said the acquisition was in line with its existing strategy to expand its Partnerships arm, with Westleigh widening the geographical reach of Countryside Partnerships to regions with strong underlying demand.
“It provides a strong strategic and cultural fit with the Countryside model and is an excellent platform for the acceleration of Partnerships delivery,” the company said.
Ian Sutcliffe, Countryside’s ceo, said: "Westleigh is a well-run business with a strong strategic, geographic and cultural fit to Countryside and provides us with an excellent platform for further Partnerships growth. We see huge opportunity in combining Westleigh’s regional expertise with the Countryside mixed tenure business model."