House builder Countryside to float

Aaron Morby 8 years ago
Share

House builder Countryside has announced plans for a public flotation.

The property developer is presently owned by private equity firm Oaktree Capital and aims to raise around £114m.

Over £60m of this will be used to pay off debt with the remainder used to bring forward sites in the south east at Acton, Beaulieu, Hazel End and Rayleigh.

The Essex house builder was founded by Alan Cherry in 1958 and initially listed on the London exchange in 1972 before it was sold in 2005 to Copthorn Holdings, a 50:50 joint venture between the Cherry family and the Bank of  Scotland.

Oaktree invested in Countryside in 2013 taking a majority stake.

Ian Sutcliffe, group chief executive officer, said: “Over the last two years our focus has been on strengthening the group’s core businesses of housebuilding and partnerships and enhancing volumes and returns.

“Today we are delivering significant growth in the sector, have a truly differentiated business model and are providing strong returns.

“In both our businesses we are focused on place-making. In housebuilding, we are bringing strategically sourced land through the planning process in the South East.

“In Partnerships, now almost 50% of group revenue, we have 30 years’ experience and benefit from a low risk model with excellent returns.

He added: “We have outstanding visibility to support our three-year plan of growing to over 3,600 units per annum, with operating margins of over 17%.”

 

Latest news

Berkeley subbies face six weeks without payments

Introduction of new finance software means payment hiatus for suppliers
15 hours ago

Pagabo reveals 56 winners of latest £1.6bn retrofit deal

Decarbonisation Solutions Framework launched: Full list of winners
15 hours ago

Go-ahead for £100m Liverpool Love Lane flats

500-flat scheme will be built across four blocks in Vauxhall area of city
15 hours ago

Unions win HS2 site access battle at Old Oak Common job

Skanska, Costain, Strabag JV now the last denying unions access to HS2 sites
14 hours ago

Contractors jack 1,100t viaduct into place in 13-hour operation

158m-long composite deck structure jacked into place 10-hours ahead of schedule
15 hours ago

Wates wins former Daily Mail printworks transformation

British Land advances major cultural venue at London’s Canada Water
1 day ago

Mace poaches Ramboll chief to be Head of Engineering

Martin Feakes will develop civil and structural engineering offer at Mace
1 day ago

Subcontractors form alliance for major civils jobs

Trio of specialists join forces to collaborate and offer Tier 1 contractors a turnkey solution
2 days ago

Fear of supply chain failures boosting collaboration

Procurement survey also reveals project bank account use is rising
2 days ago

Wates sets up business to target 160,000 mouldy social homes

Healthy Homes service will be offered to social landlords across England
2 days ago

Higgins wins £75m Peabody Passive House job

Latest phase of Deptford Landings to start construction
2 days ago

Contractors and unions agree Sizewell C working deal

New deal offers improved sick pay and parental leave over Hinkley Point deal
2 days ago

Competition chiefs win legal fight for more construction raids

High Court rules CMA officials can raid a domestic property as part of investigation
2 days ago

More Osborne companies file administration notices

Three more divisions lodge notices with court
3 days ago

McLaren wins multi-storey urban logistics contract

South London win with British Land is pioneering urban logistics hub
3 days ago

Big social housing schemes at risk over funding uncertainty

Housing associations warn uncertainty over public funding beyond 2026 is curbing new schemes
3 days ago

Kier wins Worcestershire town centre renewal

Firm secures Bromsgrove commercial and cultural hub project
3 days ago

BAM signs Kent school contract at £42m

Sevenoaks school rebuild signed off at £8m more than first estimates
3 days ago

RG Group signs £121m Newcastle rental homes job

Developer Olympian Homes advances 519 flats plan at Pottery Lane site
6 days ago

Geoffrey Osborne files administration notice

Contractor in talks to save parts of the business
6 days ago

Winners named for £260m Manchester Uni framework

B&K, Henry Bros, Graham, Robertson and Vinci among new line-up
6 days ago

Shed specialist Benniman rides out market lull

Worcestershire warehouse builder says industrial and logistics work is picking up again
6 days ago

Another contractor cleared after high profile immigration raid

Adana Construction employees were working legally on site swooped on by Home Office
6 days ago

McAleer & Rushe wants to meet new London suppliers

Contractor holding Meet the Buyer event in London: Register now
6 days ago

McAlpine signs £500m Broadgate dual towers deal

Work to start on iconic 36-storey and 21-storey towers
6 days ago

Worker rescued from collapsed four metre deep trench

Fire crews take six hours to save trapped builder near Blackwall Tunnel
7 days ago

Gove puts another major building scheme on hold

Secretary of State starts another planning fight after M&S defeat
1 week ago

Greenwich University tenders £300m framework

Up to five firms will carry out upgrade and newbuild work at three campuses
7 days ago

Work starts on Manchester 26-storey Obsidian tower

Contractor Domis starts Salboy's 10th Manchester scheme in seven years
7 days ago

Race for £1.3bn West Midlands social homes framework

The Community Housing Group reboots tender race for new build housing
7 days ago

Contractor services