Nikal Group has supported the management buyout of housebuilder Hillcrest Homes by managing director Mike Kennedy for an undisclosed sum. Hillcrest will continue to trade as a limited company but is now part of Nikal.
Kennedy remains as managing director and will work alongside his existing Hillcrest team in Nikal's Altrincham office.
Hillcrest Homes was established in 1985 as part of Warrington-based construction group, Cruden. Kennedy joined the firm in 2002 as sales director and was appointed to managing director a year later.
Hillcrest has delivered a portfolio of high-end residential dwellings across a range of Cheshire villages, such as Prestbury, Alderley Edge and Hale, as well as the development of family and executive homes in Knutsford, Didsbury and Chorlton.
As part of the Nikal Group, Hillcrest will continue to build residential schemes but will expand its areas of operation to include regeneration projects and the development of brownfield sites within Manchester city centre, the wider North West region and other areas of the UK.
Hillcrest will also welcome commissions for bespoke private dwellings as well as joint venture and partner developer opportunities with private and commercial landowners and investors.
Alan Murphy, co-founder of Nikal, said: "Nick and I have wanted to broaden our development base for some time and the house building sector has been a key target. This is a strategic purchase to take advantage of the shortage of housing in the UK. With cross party political support, the housing sector is an exciting opportunity for us.
"We have put in place a strategy for the business that identifies routes for substantial and sustainable growth and expansion, and already have a number of prime development sites and joint venture opportunities in advanced discussions. Our future together will be very exciting."