Palatine invests £65m in Westleigh Partnerships

Palatine invests £65m in Westleigh Partnerships

Rental property firm Westleigh Partnerships has received a £65m investment from Palatine Private Equity, the first transaction from the private equity firm’s Midlands office since its launch in December 2015.

Founded in 1985 by husband and wife team Chris and Judy Beighton, Westleigh is one of the largest housebuilders in the Midland’s that focuses on delivering affordable homes to Registered Providers (RPs).

The Leicestershire-based business, which also has an office in Solihul, achieved sales of around £100m during the financial year to 31 March.

With around 300 staff, the property works across Northampton in the South, Sheffield and Grimsby, building 1,200 properties a year.

The deal between Palatine and Westleigh represents a partial exit for the founders, with the business continuing to be led by Ian Jones, who joined 20 years ago, as managing director, with founder Chris Beighton remaining as Chairman. 

Palatine has invested £21m for a significant minority stake in Westleigh and will support the company.

Richard Thomas, investment director and head of the Midlands at Palatine Private Equity, said: “In a fast growing and attractive market, Chris, Ian and their team have built a business well-placed to benefit from the high levels of demand for affordable housing.

“We’re delighted to be backing such a high quality business as our first deal out of Palatine’s, recently launched, Midlands office.

“Westleigh has some ambitious plans over the next few years and we’re looking forward to supporting the company as it expands across the UK and builds on its position in the affordable housing market.”

Chris Beighton, chairman at Westleigh, added: “This is an incredibly exciting time for Westleigh and I am delighted that the business has attracted such a high quality investor.

“It is a testament to all our staff’s achievements that we find ourselves in a position of strength and this investment signifies an important period of further growth for the company.”

 

 

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