Redrow has agreed to acquire East Midlands-based Radleigh Homes from Ark Capital Group, of which Peter Gadsby is the chairman and principal shareholder.
The deal will allow Redrow to expand its operations in the East Midlands and establish a new division there via a regional housebuilder.
The acquisition, and investment that will now follow, will lead to more much-needed family homes being developed in the region – benefitting local customers, colleagues and businesses within the supply chain.
Radleigh Homes will be re-branded to Redrow and over time homebuyers will have access to the national housebuilder’s range of products, including the award-winning Heritage Collection.
Redrow will be writing to all existing Radleigh Homes’ customers, and key suppliers, confirming that it is business as usual with a seamless transition planned.
Radleigh Homes’ 70 employees will become part of a new Redrow Homes East Midlands division based out of the existing offices in Pride Park, Derby.
John Tutte, Chief Executive, Redrow, said, “I’d like to thank Peter Gadsby, for the opportunity to acquire the business and I welcome the Radleigh Homes team to Redrow. “As a result of the deal, additional and much-needed quality homes will be built in the region – benefitting local customers, colleagues and businesses within the supply chain.
“The acquisition will allow us to roll-out the Redrow brand to new customers, and add to our existing portfolio of developments in the East Midlands. We’re looking forward to introducing our award-winning product range to even more homebuyers in the region.”
Peter Gadsby, Radleigh Homes, said, “I have personally known and done business with Steve Morgan CBE, for many years and have identified Redrow as the perfect fit to take Radleigh on to the next stage.
“I would like to pay special tribute to the Radleigh team who have helped grow the business so successfully over the last 15 years. In particular, the skills and professionalism of our Joint Managing Directors, Tom Finnegan and Chris Neve, who will be remaining with the business to help deliver growth from Radleigh’s established strong position.
“Ark Capital has numerous land holdings under ownership and options and will be working closely with the Redrow team to get necessary consents and to bring these sites forward to development.”