Expanding Weston Homes invests in logistics division

Aaron Morby 7 years ago
Share

South east volume house builder Weston Group is ramping up its fledgeling logistics arm as part of a big expansion drive.

Bob Weston plans to take the business he founded in 1987 to £500m turnover in five years
Bob Weston plans to take the business he founded in 1987 to £500m turnover in five years

Founder and chairman Bob Weston said he was investing £28m in the business as the group unveiled pre-tax profits up 54% to £35m on revenue ahead nearly 30% to £248m.

“Our plan is for the group to double in size over the next five years and we have a development pipeline of 6,000 new homes with a completed value of £2bn,” said Weston.

“In order to facilitate this growth, the group is injecting £28m in new investment into the business in the form of upgraded infrastructure, a new HQ and logistics warehouse and more staff employment and training.”

Stuart Thomas, group finance director at Weston Group added: “Weston Group is delivering steady and sustained growth, with revenue and profits rising, putting the business in a very strong financial position.

“Over the next 12 months, we will facilitate further growth through substantial investment in the business and acquiring more urban sites for development across outer London and the South East of England.”

The company’s funding facility has risen to £200m, providing £90m of headroom up to April 2020.

Weston said that combined with equity delivered by ongoing developments, the group now had the funding needed to make a substantial investment in new developments over the coming year, with a focus on buying sites in outer London and South East England.

Weston Group has now expanded to have four operating divisions: Weston Homes, the residential development business; Weston Business Centres, the serviced offices division; the environmental consultancy business and Weston Logistics, the group’s newly launched, 40-staff strong, logistics and plant hire business.

Construction has started on a new 49,000 sq ft head office in Stansted and Weston Logistics has opened a 75,000 sqft automotive-industry style distribution centre near its head office.

Alongside the residential development business, the revenue delivered by the group’s serviced offices and environmental consultancy business was also up on last year.

 

 

 

 

 

Latest news

Hill hits record £90m profit as homes pipeline swells

Build-to-rent push and £4.8bn contracting book to fuel next growth phase
14 hours ago

Rayner unveils £39bn plan to build 300,000 social homes

Council building revival and rent reform feature in social and affordable homes plan
21 hours ago

Keltbray bounces back with £3.2m profit

Tighter controls and smarter project selection fuel strong turnaround
21 hours ago

VINCI JV wins 500-home twin town centre revamps

Chester Northgate phase 2 and Northwich Weaver Square schemes move to delivery stage
21 hours ago

80 energy projects unlocked as Ofgem backs grid expansion

£24bn energy networks deal gets green light from regulator
2 days ago

How to see your stories on the Enquirer

Join our Suppliers and Buyers directory to get your news published
21 hours ago

Henley lands Midland Mill revamp on Leeds tower scheme

Restoration of 18th-century mill kicks off on South Bank regeneration project
21 hours ago

New boss at Eric Wright Civil Engineering

Gavin Hulme takes top job as Diane Bourne moves to group role
1 day ago

Pinewood submits £1bn data centre plan

Studio giant adds green and learning spaces to tech hub blueprint
2 days ago

Record results after TClarke goes private

Britain's biggest M&E contractor flourishes after de-listing
2 days ago

Dalkia lands £200m nuclear maintenance deal

1,000 nuclear FM staff to join M&E contractor
2 days ago

Construction comeback to outpace wider economy

Arcadis forecast fueled by spending review optimism
3 days ago

First steel goes up on giant car battery site

Severfield gets to work on McAlpine Somerset site
3 days ago

Permasteelisa wins cladding deal on Bovis city tower

Facade specialist lands package at 60 Gracechurch Street
2 days ago

Fox buys recycled asphalt specialist Fisher

Acquisition adds major recycled asphalt capacity in north west
3 days ago

Major Building Safety Regulator shake-up to end tower delays

HSE stripped of control and top fire chiefs brought in to fast-track stalled schemes
3 days ago

Hinkley trio sign Sizewell civils deal

Balfour,Bouygues and Laing O'Rourke form Civil Works Alliance for new power station
3 days ago

£3.9bn data centre plan for Ravenscraig steelworks

Green energy to power massive new steel to silicon AI campus
3 days ago

Breakthrough on HS2’s second longest tunnel

8.4 mile Northolt to Old Oak Common drive completes
3 days ago

Neilcott on fast-track to debt-free employee ownership

£22.5m loan nearly paid down after big profit year
3 days ago

TfL kicks off race for £700m Tube station upgrade

South Kensington and Elephant & Castle top the pipeline list
3 days ago

Corbyn Plant Hire fleet goes under the hammer

Kit to be sold off by sister firm to collapsed groundworks contractor
3 days ago

Government wields procurement stick on late payment

New rules would block slow payers from bidding on big public jobs
6 days ago

Hercules buys power line labour firm for £15.7m

Labour supply specialist snaps up Advantage NRG to tap booming electricity upgrade market
6 days ago

Universal bid to fast-track planning for theme park

Entertainment giant eyes 2026 start at Bedford site
6 days ago

Developer Breck to transform former Ibstock brick factory

Ravenhead works to become 300-home development
6 days ago

SP Energy Networks awards contracts worth £1.4bn

First round of awards under £5.4bn national electricity grid upgrade programme
7 days ago

Travelodge to convert Liverpool Street office building

Office-to-hotel conversion in City of London
6 days ago

Plans lodged for 1m sq ft City of London office

Barbican landmark building will reuse 40% of existing structure
7 days ago

PTSG acquires roofing specialist HD Sharman Group

Premier Technical Services Group expands building maintenance division
6 days ago