Barratt acquires land promoter in £250m deal
Barratt Developments has acquired land promotor Gladman Developments in a £250m deal on a debt free and cash free basis.
Cheshire-based Gladman operates as a land promoter in the UK with particular strength in the south of England.
In its last financial year, to 31 March 2021, Gladman, despite the ongoing disruption created by COVID-19, secured planning consent on 2,760 plots across 15 sites with a high planning success rate and, through its targeted marketing, secured sales of 2,796 plots on 18 sites to housebuilders and housing associations.
It reported profit before tax of £6.9m and gross assets of £212.3m at that date.
Following the acquisition, Gladman will operate as a stand-alone business within the Group led by its experienced management team, including David Gladman, Chairman and Victoria Hesson, CEO.
Commenting on the acquisition, Steven Boyes, chief operating officer at Barratt Developments, said: “Gladman’s strong credentials in identifying attractive land and promoting sites through the planning process will be an important addition to the Group.”
He said the deal will further strengthen Barratt’s ability to deliver its medium-term target to build 20,000 homes per year.