Uk news
Horsforth-primarily primarily based Stonebridge Homes Neighborhood Ltd is collectively owned by Henry Boot and Stonebridge Tasks Ltd. Stonebridge Tasks is owned by Darren Stubbs, chief govt of Stonebridge Homes, who has agreed to promote up.
Below the deal, Henry Boot can pay Stonebridge Tasks fastened funds totalling £30m in instalments over the next five years, plus extra funds linked to performance. By January 2030, Henry Boot will have faith 100% of Stonebridge Homes.
Stonebridge is a regional home-builder intriguing about top rate homes in Yorkshire and the northeast. In 2023 it performed 251 homes, modified into over £94.4m and made an running profit of £5.9m. It has a medium-timeframe target of building 600 homes a year and has started procuring sites within the north Midlands to raise into a original advise in 2025.
Henry Boot chief govt Tim Roberts said: “This transaction represents an important strategic milestone for Henry Boot, allowing us to acquire full ownership of a high growth builder of premium residential homes that we already know well through our existing 50% share in the business. The acquisition of Stonebridge also further cements our position in the UK house-building sector, a market which currently benefits from a number of supportive structural and political tailwinds, while at the same time simplifies Henry Boot’s structure. The consideration is performance linked, and the phased structure is designed to generate strong returns whilst maintaining gearing within our optimum range of 10-20%. All of this gives us confidence that this transaction will help drive enhanced shareholder value over the medium term and will be a significant part of our plans for growth.”
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