Willmott Dixon mulls housing arm float

Aaron Morby 8 years ago
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Willmott Dixon is considering a possible float of its newly-formed residential division to raise cash to invest in growing its landbank.

The private builder launched Willmott Residential earlier this month after merging its development arms, Prime Place and Be:Here, with its house building business, Willmott Partnership Homes.

Willmott Dixon also headhunted former Berkeley Group finance director Nic Simpkin to lead the business.

Nick Simpkin, left, has joined as chief executive, alongside deputy chief executive Andrew Telfer

Nic Simpkin, left, has joined as Willmott Residential chief executive, alongside deputy chief executive Andrew Telfer

The firm is now looking at its options to raise finance to acquire a substantial landbank for the new business, which could involve an IPO or finding a major investor.

A spokesman said: “We are looking at how to get more capitalisation into the business to support our ambition to grow a substantial landbank opportunity for our residential activities.

“It is just one of several options being explored and no firm decision has been taken yet.”

Willmott Residential already has a significant presence in the market developing homes for sale through Prime Place and private rent through Be:here, with 5,000 units on site or in planning.

In addition Willmott Partnership Homes already builds 2,000 homes a year with an expanding geographic presence and strong client base that includes housing associations, developers and local authorities.

 

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