Family-owned housebuilder, Newett Homes, has announced a £10 million growth capital investment from BGF – one of the largest and most experienced growth capital investors in the UK and Ireland.
The Yorkshire-based company was founded in 2016 by Will Newett. Since then, the housebuilder, which specialises in developing high quality three to five-bedroom homes in desirable locations, has accumulated a significant landbank totalling more than 3,000 plots. The investment from BGF will allow the business to accelerate its build rate and realise an ambitious growth strategy to deliver more than 400 homes per year across the region. Newett Homes was recently awarded Residential Developer of the Year for the Yorkshire region at the National Home Builder Awards 2023.
Headquartered in Wetherby, Newett Homes is currently selling homes at developments in hand-picked locations across Yorkshire, including The Brambles at Skelmanthorpe near Huddersfield, Brooklands at Thurlstone, near Sheffield and a new development, The Pastures at Harrogate.
Commenting on the deal, Will Newett, CEO at Newett Homes, said: “Over the last 18 months we have laid solid foundations for growth, building up a substantial landbank and investing in talent across all levels of the business. Our focus is creating luxurious forever homes built to the highest of standards and we have ambitions to significantly expand our footprint across the north of England.
“To deliver our strategy, we wanted a minority investment partner that recognised the potential of Newett Homes and had strong credentials in helping housebuilders to scale. We can’t wait to see what our business can achieve with BGF’s backing.”
The deal was led by Chris Boyes and Linda Nguyenova, investors in BGF’s Yorkshire team.
BGF investor Chris Boyes, who will join the Board as non-executive director said: “This is a great opportunity for BGF to invest in a business that has a strong pedigree in housebuilding and is well primed for growth. Newett Homes has built up an impressive reputation for delivering homes in quality locations. The long-term drivers for housing demand are strong and we look forward to supporting the business on its growth journey.”