£15m deal propels Scottish housebuilder Cruden into new growth phase

BGF has made a £15 million investment in Cruden, powering the next stage of growth for one of Scotland’s most established and ambitious SME homebuilders.

A multi-award-winning and 5-star rated homebuilder, Cruden has delivered more than 135,000 homes over its 82-year history, making it one of Scotland’s most prolific and trusted names in the sector. Headquartered in Edinburgh, Cruden employs around 250 people, has a turnover of £140 million, and is primed for expansion, with a substantial 4,500-home pipeline across the Central Belt and into new geographic locations.

BGF’s investment will accelerate Cruden’s development programme, bringing forward major sites from its extensive landbank, and unlocking new projects that will deliver much-needed, sustainable housing at scale. The programme is expected to support hundreds of jobs across Scottish supply chains, stimulate regional economies, and help meet the significant demand for high-quality, energy-efficient homes.

This investment comes at an exciting time, as Cruden prepares to deliver 847 net-zero-ready homes at Granton Waterfront, as part of one of Scotland’s most significant coastal regeneration schemes. Work is due to start in 2026 on Edinburgh’s largest brownfield project.

The transaction also supports Cruden’s planned leadership evolution. Fraser Lynes will step up to CEO, working alongside CFO Euan Haggerty, with Executive Chair Kevin Reid and Group Managing Director Steven Simpson transitioning to Non-Executive Director roles.

As part of BGF’s investment (and drawing on its Talent Network, one of the largest groups of board-level executives in the UK), John Cassie, former Regional Chair of Persimmon Plc, will join the Cruden board, as Non-Executive Chair.

Kevin Reid, Executive Chair of Cruden, said: “For more than eight decades, Cruden has shaped communities across Scotland. This investment gives us the firepower to deliver the next generation of neighbourhoods — sustainable, energy-efficient homes that will make a real difference to people and places. It also marks an important moment in our leadership evolution, enabling Fraser and Euan to drive the business forward to the next exciting chapter.”

Fraser Lynes, CEO of Cruden, commented: “We’re immensely proud of Cruden’s heritage as a multi-award-winning, 5-star SME homebuilder, but our focus is firmly on the future. BGF’s backing is a powerful endorsement of our strategy and unlocks major opportunities, from Granton Waterfront to our expansion into new locations, and the delivery of our 4,500-home pipeline. With this support, we can move faster, build more, and deliver sustainable communities at scale.”

The investment follows BGF’s pledge earlier in the year to invest £200 million into Scottish businesses, as part of a UK-wide, £3 billion commitment to support high-potential companies, over the next five years.