Redrow founder behind buyout of Macbryde Homes
HOUSE-BUILDER Macbryde Homes has been sold to managing director Gwyn Jones and long-term finance partner Bridgemere UK – whose chairman is Redrow founder Steve Morgan.
The multi-million-pound deal sees the purchase of the shareholdings of founder Simon Macbryde and Ruth Macbryde.
Simon Macbryde stepped down as managing director of the north Wales-based firm in 2018 after 33 years.
Gwyn Jones, 33, said: “I am delighted to have concluded the purchase alongside Bridgemere.
“With the management strength and balance sheet of Bridgemere behind us, we have an excellent platform for significant growth as we look to increase our geographical footprint across the North-West.
“I am very grateful to Simon and Ruth for the opportunity they gave me when I joined the business six years ago and wish them the very best in the future.”
Macbryde’s north Wales division has this week moved into new offices at St Asaph Business Park, doubling the size of its previous premises to facilitate the continued growth in Wales. The business is also moving into a second office at Preston Brook to further expand into north-west England.
Mr Jones added: “There are lots of exciting plans and developments being prepared for our business in the weeks and months ahead and we look forward to announcing these in due course.”
Steve Morgan, chairman of Bridgemere and founder and former chairman of Redrow, said: “We are pleased to have acquired Macbryde Homes and are committed to supporting Gwyn with his growth plans for the business to become a major force in the region.”
Bridgemere is involved in commercial and residential development, corporate acquisition and investment activity in the UK and overseas.
Mr Morgan stepped down as chairman of Deeside-based Redrow in March 2019. He was succeeded as executive chairman by John Tutte, and Matthew Pratt was appointed chief operating office.
Earlier this month the housebuilder announced the impact of the Covid pandemic had seen profits at Redrow plunge by almost two-thirds over the year to June.
The Flintshire-headquartered business said pre-tax profits had slid by 65.5% to £140m for the year, as revenues dived by 37% to £1.34bn.
Legal completions on properties also dropped by 37% to 4,032 deals for the year.
However, the company stated it has a “record order book” and has completed “substantially more homes in the first few weeks of the new financial year” than during the same period last year.
Redrow said it now has “high levels of work in progress” amid strong demand following the pandemic.