Barratt buys Gladman for £250m 

The housebuilder has acquired the Congleton-based strategic land promoter to improve its access to development sites. 

The £250m deal, negotiated on a cash-free and debt-free basis, could increase Barratt Developments’ yearly completions by 500 units from 2025, the housebuilder said. 

Gladman Developments will operate as a stand-alone business within the Barratt group with chairman David Gladman and chief executive Victoria Hesson remaining in charge. 

The company will continue to supply land to third parties as well as Barratt, according to the housebuilder.  

In the three years prior to the onset of the pandemic, Gladman generated average annual sales of £52.5m and pre-tax profit of £19m.  

In the year ended 31 March 2021, Gladman secured planning consent on 2,760 plots across 15 sites. In addition, Gladman reported a pre-tax profit of £7m for the period.

“Gladman’s strong credentials in identifying attractive land and promoting sites through the planning process will be an important addition to the group,” said Steven Boyes, chief operating officer at Barratt Developments.

“As always, we are working hard to help address the shortage of homes across the country and today’s acquisition of a long-standing and trusted partner will further strengthen our ability to deliver our medium-term target to build 20,000 high-quality homes per year.”

Victoria Hesson, chief executive at Gladman Developments, commented: “We are very proud of the expertise, track record and reputation Gladman has built over the past 34 years.  

“By becoming part of Barratt, we can accelerate our growth as the UK’s leading land promoter and help to realise the potential of Barratt’s attractive strategic land holdings, together delivering more high-quality homes and sustainable developments across the country.” 

Earlier this month Gladman lodged an outline planning application with Cheshire West and Chester Council for Winnington Works, a 1,500-home scheme in Northwich to be delivered in partnership with Tata Chemicals and Inovyn Enterprises. 

At the time of writing Barratt’s share price was 607.60p, up 0.33% today.

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