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BGF backs Yorkshire business Newett Homes with £10 million investment
Family-owned housebuilder Newett Homes has announced a £10 million growth capital investment from BGF.
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 Newett Homes to accelerate its build rate and realise an ambitious growth strategy to deliver more than 400 homes per year across the region. The business 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.
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.”
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.”
Following an introduction by BGF’s Talent Network team, John Cassie will join the board as non-executive chair (NXC). John brings considerable industry experience to Newett Homes, and is the former regional Chairman of Persimmon Plc and the highly regarded NXC of former BGF portfolio company Campion Homes. Other BGF investments in the property sector include Derbyshire-based Woodall Homes and Braidwater Group, based in Northern Ireland.
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.
Will Newett, CEO, Newett Homes
Advisors to BGF on the transaction were Schofield Sweeney (Steven Millward, Jessica Fielden) and The Tax Advisory Partnership (Russ Cahill and Toyan Williams). Advisors to Newett Homes were Hill Dickinson (Sandip Khroud and Rebecca Bennett).
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