Ian Jones of Westleigh
Leicestershire-headquartered housebuilder Westleigh saw turnover increase by 35% last year after receiving a £21m funding boost from Palatine Private Equity.
One of the UK’s fastest-growing housing developers has announced a turnover increase of more than 35% in its annual results.
Westleigh Partnerships, which specialises in building affordable homes for housing associations and local authorities, as well as high quality new homes for the local market, turned over £128.6m in the year ended 31 March, up from £95.1m the previous year.
Profit before tax jumped by more than 75%, up to £10.9m from £6.1m. The firm also announced a sizeable increase in its land reserves, with work in progress up by more than half on the 2016 results.
This rapid growth has been boosted by Westleigh receiving a £21m investment from Palatine Private Equity for a significant minority stake in the business. The firm has also opened up new offices in the West Midlands and Yorkshire over the past year and is actively looking to expand existing operations outside of its East Midlands base.
Ian Jones, managing director at Westleigh, said: “It’s been another fantastic year for us, a year in which we have been able to capitalise on the fresh investment we received to give the business a real impetus, with a view to further expansion in the years ahead.
“We have developed a niche for identifying sites suitable for affordable development and delivering projects in conjunction with registered providers of affordable housing. Demand for that service has been steadily growing and will only continue to do so.
“There is a consensus across the political spectrum that the Midlands and Yorkshire, among other regions, are in urgent need of more affordable housing. We are in a strong position, with our business model and expertise, to help with the resolution of that shortfall.
“We also have a successful and growing division building new homes for private sale, which forms an important part of our strategy going forward.”
Richard Thomas, Palatine’s Midlands investment director, added: “Westleigh has had an excellent year, as to achieve a rise in profits of over 30% in a year is obviously a superb achievement.
“The business is now operating across the wider Midlands and has seen excellent growth in South Yorkshire, all contributing to a strong build programme over the coming years.
“Outside of the financials, Westleigh has continued to build on its employee engagement, apprenticeship scheme and social responsibility, all of which are very important to Palatine and are demonstrated by the awards Westleigh has won.
“We continue to support the business with its growth plans and look forward to what should be another successful year.”
Westleigh, which builds new homes across the East and West Midlands, Cambridgeshire and Yorkshire, now boasts a workforce of over 400 having created 89 jobs over the past year.