AVANT HOMES SECURES 22 NEW DEVELOPMENT OPPORTUNITIES WORTH £642m AND CREATES 1,320 NEW JOBS

With a combined value of £642m, the 22 new sites will provide for a further 2,485 homes to be built by Avant Homes across its operating regions of central Scotland, north east England, Yorkshire and the Midlands.

In addition, the company’s continued expansion will create up to 1,320 new sales, construction and sub-contractor jobs across its four regions.

Recent research by construction industry intelligence provider Glenigan showed that Avant Homes was one of only three UK housebuilders consistently applying for sites with volumes exceeding 150 units during 2017.

Six of the 22 development opportunities arose from strategic land held under option by the housebuilder that it successfully promoted through the planning system. Three of the new sites are in Scotland, six in north east England, five in Yorkshire and the remaining eight in the Midlands. 

During the same period, planning permissions for a further 966 plots were also gained on strategic land. These comprise 488 plots on four sites in Scotland and 478 plots on four north east England developments.

The news follows Avant Homes’ announcement in August last year that it secured an enhanced £200m facility from HSBC, RBS, Santander and Bank of Ireland to significantly increase its land acquisitions over the next 12-month period.

For the financial year to 30 April 2017, Avant Homes posted both record revenue and operating profit numbers. Revenues increased 45 per cent year-on-year to £369m, whilst operating profits rose 107 per cent to £45m. These were delivered having achieved 1,636 total completions, up 35 per cent compared with the prior year. 

This performance led to Avant Homes being named as the 46th fastest growing private mid-market company in The Sunday Times Grant Thornton Top Track 250 league tables.

Avant Homes group development director, Stuart Rowlands, commented: “We are on a fast-moving trajectory and our momentum can only be maintained by securing new sites in the right locations and for the best price. 

“Our land buying teams have been outstanding over the past 15 months in finding excellent development opportunities and this has provided the platform for continued sustainable, profitable growth.

“The fact that we were one of only three UK housebuilders regularly applying for sites with more than 150 units during last year is important. It shows both our ambition and the continued growing demand for our product throughout the north of the UK.

“The added financial firepower that the new £200m facility has given us is already being utilised across our operating companies. We look forward making further announcements about the ongoing successful delivery of our land buying strategy.”

Avant Homes has been owned since December 2014 by a consortium of private equity companies comprising Alchemy Special Opportunities, Avenue Capital and Angelo Gordon.