Yorkshire housebuilder, Newett Homes has secured a £10m investment from BGF to support plans to accelerate its build rate and realise its growth strategy of building more than 400 homes per year across the region.
The Wetherby headquartered company, which specialises in three to five-bedroom homes, have accumulated a landbank of more than 3,000 plots since it was founded by Will Newett in 2016. They are currently selling homes at developments including The Brambles in Skelmanthorpe near Huddersfield, Brooklands in Thurlstone, near Sheffield and a new development, The Pastures in Harrogate.
Newett, chief executive, 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.”
BGF investor Chris Boyes, will join the Newett Homes board as non-executive director, he added: “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.”
A multi-disiplinary team from the firm advised BGF on the transaction including:
Corporate – Steven Millward, Partner and Jessica Fielden, Associate
Real estate – Tom Jackson, Partner, Adam Hastie, Partner, Pardeep Khela, Director and Rob Hayes, Partner
Planning – Amanda Beresford, Partner
Environmental & Regulatory – Craig Burman, Partner