Gerald Gannaway, Investment Director at Finance Birmingham. Paul Campbell, Joint Managing Director at Richborough Estates. Karl Parkinson-Witte, Joint Managing Director at Richborough Estates
Land promotion company Richborough Estates LLP has received a multi-million-pound investment from Finance Birmingham and Frontier Development Capital.
The funding will enable the business, which provides housebuilders access to ‘shovel ready’ sites for development, to increase its portfolio of promotable land and service the rising demand for homes across the UK.
In 2017, the firm delivered 1,000 new plots to housebuilders that helped to create 1200 jobs.
After securing the finance to drive its future growth, it will expand its portfolio of 80 sites and begin to pursue its own team expansion.
Established in 2003, Richborough’s projects span the promotion of 150 to 300 dwellings on greenfield, and brownfield sites and has a record of gaining planning permission for residential development for its clients.
Its 15-strong team works in partnership with landowners, councils and local stakeholders across the UK to secure plots and kick-start development for a range of housebuilders including the PLCs and smaller regional players.
Paul Campbell, managing director at Richborough Estates, said: “As the UK’s housing demand continues to rise and remains a key focus for central government, more developers are calling for ‘shovel ready’ sites that are primed for construction to begin.
“As a firm, we’ve worked hard to plug this gap and remove the hurdles for developers such as outline planning permission, something that has clearly resonated with the market and enabled us to grow as a company.
“This funding from Finance Birmingham and Frontier Development Capital will ensure that we can continue this upward trajectory, with plans in motion to increase the size of our team to help meet our ambitious target of bringing 2,000 new plots to the market next year.
“Our approach to every development is to ensure that they form a cohesive extension to an existing community, enhancing and supporting vital existing services such as local schools, post offices and shops while ensuring that the UK is able to meet its growing demand for new homes.”
Finance Birmingham and its appointed representative investment company Frontier Development Capital provide flexible funding packages of up to £5million to fast-growing SMEs nationwide.
Gerald Gannaway, investment director at Frontier Development Capital, said: “Lack of access to ‘oven ready’ developable land that does not require navigation of the planning system is often highlighted as a key barrier to development for housebuilders, with many being hamstrung by capacity and budgetary issues.
“Richborough has thrived on its ability to solve those headaches for developers and through the combined investment of Finance Birmingham and Frontier Development Capital, we hope it can continue to have a real impact on increasing the rate of homes available for residents across the country.”
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