Countryside pays £135m for Westleigh
April 15, 2018 – House-builder Countryside Properties has acquired Westleigh Group for £135.4m.
The move expands Countryside’s presence in the local authority and partnership housing business and adds nearly 5,000 plots to its land bank.
Westleigh is based in Leicester and active across the Midlands and South Yorkshire. In the year ended 31st March 2018, it built 1,159 homes in partnership with local authorities and housing associations, of which 92% were affordable. It made an operating profit of £15.6m on revenue of £150.6m. It has gross assets of £76.1m.
The business was founded in 1985 by the current chairman, Chris Beighton, who will step down from his role on completion of the takeover but the rest of management team and workforce of 456 will be retained.
Countryside chief executive Ian Sutcliffe 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.”