Bondholder Radleigh Homes has been acquired by Redrow PLC.
The deal will allow Redrow to expand its operations in the East Midlands, and establish a new division in the region.
The acquisition, and investment that will now follow, will lead to more homes being developed in the region – benefitting local customers, colleagues and businesses within the supply chain.
Radleigh Homes has been in operation for over two decades and completed around 200 new homes in 2016. The business has a pipeline of over 1,300 plots with planning and a further 1,200 plots controlled under options in its strategic land bank.
Radleigh Homes’ 70 employees will become part of a new Redrow Homes East Midlands division based out of the existing offices on Pride Park.
Redrow was founded by Chairman, Steve Morgan CBE, in 1974 and has now established itself as one of the country’s top housebuilders.
Peter Gadsby, Radleigh Homes, said, “I am delighted that Redrow have decided to acquire the business as they hold similar values to our own. 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.