Braidwater announces merger to form Braidwater Group
Successful Northern Ireland-based house builder Braidwater has announced that it is to merge with its sister company BW Homes & Construction to form Braidwater Group, a move that will facilitate growth across its combined markets. BGF, the UK and Ireland’s most active investor, has provided additional capital to the business to facilitate the transaction.
Braidwater is a family-owned business that was founded more than 40 years ago by Managing Director Patrick McGinnis, who together with his son and fellow Director Joe McGinnis has taken the company from strength to strength over the decades. Last month, Braidwater was named as the top ranked Northern Ireland company on the annual Sunday Times Virgin Atlantic Fast Track 100 listing of the fastest growing businesses in the UK.
Braidwater was the first Northern Ireland business to receive investment from BGF in 2015. This second round of follow-on investment into the company will be used to facilitate the merger.
With a significant pipeline for new private and social homes over the next three years, the directors now plan to build on this growth and success with a merger will help to maximise operational and commercial synergies across the businesses.
“We have now decided that the time is right to bring these two thriving businesses together once more under the banner of Braidwater Group,” said Director Joe McGinnis. “With the continued backing of investors at BGF, the merged companies will align the strong experienced teams in place and allow us to make the most of current social and private housing pipelines.’’
Patrick Graham, Head of Central Scotland and Northern Ireland for BGF and board member of Braidwater, said: “BGF has been delighted to see the growth of Braidwater since we first invested in the business in 2015. It has a large secured pipeline of development plots and is actively looking for further private and social opportunities. Bringing the two businesses together is a strategic move that will help Joe and his team continue to deliver on their its growth ambitions.”
Following the merger, the combined group will have revenues of more than £45m and around 100 staff working across its private and social housing divisions. Joe McGinnis will become CEO of the overall group and the board will expand to include new Group Financial Director Dermot Mullan and Vincent Bradley, Development Director alongside existing directors Ryan Boyle, Chief Operating Officer and Finbarr Grogan, Planning and Technical Director.
While Braidwater is best known for its family homes around Northern Ireland, BW Homes & Construction has concentrated on social housing and commercial developments over the past 25 years. In total, the two companies are working on eight live sites, with more in the pipeline.
The new Braidwater Group will comprise two rebranded subsidiaries, Braidwater Homes and BW (Social Affordable Housing), working along similar divisional lines as their predecessor businesses.
“On a day-to-day basis our customers are unlikely to notice any changes,” added Joe McGinnis. “We value our teams of sub-contractors and suppliers, and plan to continue to expand upon business relationships that we have built up over decades.
“We are currently on target to achieve our planned build programme, both for private sale and for social housing providers, and we are confident that this reorganisation will ensure we are fighting fit to meet whatever challenges lie ahead.’’
Braidwater Homes currently has properties for sale at Birch Hill in Derry and Castlehill in Belfast, while developments at Beech Hill View and Gleann Elagh in Derry and Ballyquinn in Limavady, will be released in the coming year.
BW (Social Affordable Housing) will continue to work in partnership with leading housing associations including Apex, Clanmil, Connswater & Radius to build social housing schemes in Belfast and throughout Northern Ireland.
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