Family-owned homebuilder Newett Homes has announced a £10 million growth capital investment from BGF – one of the largest and most experienced growth capital investors in the UK and Ireland.
The Yorkshire-based company was founded in 2016 by Will Newett. Since then, the homebuilder, which specializes in developing high-quality three- to five-bedroom homes in sought-after locations, has built up a substantial land bank totaling more than 3,000 plots. BGF’s investment will enable the company to accelerate the pace of construction and deliver on an ambitious growth strategy to deliver more than 400 homes per year across the region. Newett Homes was recently named Residential Developer of the Year for the Yorkshire region at the 2023 National Home Builder Awards.
Newett Homes, headquartered in Wetherby, currently sells properties in hand-picked sites across Yorkshire, including The Brambles in Skelmanthorpe near Huddersfield, Brooklands in Thurlstone, near Sheffield and a new development, The Pastures in Harrogate.
Commenting on the deal, Will Newett, CEO of Newett Homes said: “Over the past 18 months, we have built a solid foundation for growth, building a substantial land bank and investing in talent at all levels of the company. Our focus is on creating forever luxury homes, built to the highest standards and we have the ambition to significantly expand our footprint in the North of England.
“To deliver on our strategy, we sought a minority investment partner that recognized Newett Homes’ potential and had strong credentials to help homebuilders scale. We can’t wait to see what our company can achieve with BGF’s support.”
The deal was led by Chris Boyes and Linda Nguyenova, investors in BGF’s Yorkshire team.
BGF investor Chris Boyes, who joins the board as a non-executive director, said: “This is a great opportunity for BGF to invest in a company with a strong residential construction background and well prepared for growth. Newett Homes has built an impressive reputation for providing homes in quality locations. Long-term residential demand drivers are strong and we look forward to supporting the company on its growth trajectory.”