Bourne house building group sells house building activities
Bourne real estate developer the Larkfleet Group has sold the home building activities of the company to the funds managed by global investment management firm, PIMCO.
Chief executive officer John Anderson and chief financial officer Alastair Gordon Stewart will stay on to lead the company under the new ownership.
The sale, by Karl and Helen Hick, covers all the house building activities of Larkfleet Group. The new company will continue to trade under the brand names Larkfleet Homes and Allison Homes.
PIMCO says it will back the existing management team with significant investment to help deliver the business’ ambitious strategy of delivering more than 2,000 homes a year within the next five years.
Mr Hick is to remain as an advisor to the new company to help the transition and will also retain a financial interest in major existing housing projects.
Mr Anderson has wide ranging experience covering all aspects of general management in house building and the residential development sector, land acquisition, mixed use property development, and corporate turnaround and recovery, throughout the UK.
Mr Stewart joined Larkfleet in May 2020, and was previously finance director of Kier Living.
Mr and Mrs Hick will retain all the non-home building interests of the Larkfleet Group and will continue their work supporting community and charitable projects, particularly the recently formed Karl and Helen Hick Charitable Trust.