Countryside Properties has completed the takeover of housing developer Westleigh Group.

The £135.4 million deal will allow Countryside to expand its Partnerships business, as well as furthering its geographical reach into regions that have strong underlying demand for new homes.

"It provides a strong strategic and cultural fit with the Countryside model and is an excellent platform for the acceleration of Partnerships delivery," the developer said.

"Countryside's mixed tenure model of delivering private for sale, private rental sector and affordable homes together with the enhanced buying power from being part of a larger group will improve underlying returns in the Westleigh business."

-- Advertisement --

the year ended 31 March 2018, Westleigh delivered 1,159 homes in partnership with local authorities and housing associations, of which 92% were 'affordable'. On an unaudited basis, revenue was £150.6m, operating profit was £15.6m and gross assets were £76.1m at 31 March 2018.

Current Chairman, Chris Beighton, will step down from his role on completion of the acquisition. The management team and company workforce of 456 will be retained to continue the growth of the business.

Ian Sutcliffe, Chief Executive of Countryside, said: "Westleigh is a well run business with a strong strategic, geographic and cultural fit to Countryside and provides us with an excellent platform for further Partnerships growth. We see huge opportunity in combining Westleigh's regional expertise with the Countryside mixed tenure business model."

(LM/MH)