The Pastures in Harrogate is the latest development from Newett Homes. Credit: via Petal & Co

Newett Homes secures £10m investment to accelerate delivery

The Wetherby-based business was established in 2016 by Will Newett and has amassed 3,000 plots in its land bank. The plan is to build 400 homes a year.

BGF, or Business Growth Fund, was set up more than a decade ago and is backed by Barclays, HSBC, Lloyds Banking Group, NatWest and Standard Chartered. BGF has invested £3.5bn in 500 companies, acting as a minority, non-controlling equity partner with a patient outlook on investments.

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.

“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.”

Typical lounge design from Newett Homes. Credit: via Petal & Co

Newett Homes specialises in three- to five-bedroom homes in prime locations. Current developments include The Brambles in Skelmanthorpe near Huddersfield, Brooklands in Thurlstone, near Sheffield and a new development, The Pastures at Harrogate.

The investment round was led by Chris Boyes and Linda Nguyenova, in BGF’s Yorkshire team. Boyes will join the board of Newett Homes as non-executive director. He 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.”

Ex-regional chairman of Persimmon, John Cassie, will join the Newett Homes board as non-executive chair.

BGF was advised by Schofield Sweeney and The Tax Advisory Partnership. Newett Homes was advised by Hill Dickinson.

Will Newett comes from a family of developers. His brother Daniel is developing the former Yorkshire Post site in central Leeds through one of his companies, Urbanite Living.

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