Avant secures three new development opportunities worth £80m
Stirling-based housebuilder Avant Homes Scotland has secured three new development opportunities in the past 15 months, which will create up to 180 sales, construction and sub-contractor jobs in the region.
With a combined value of £80 million, the three new sites in Cairneyhill, Gartcosh and Bishopton will provide for a further 299 homes to be built by the company throughout the region.
The new sites in Scotland will enable Avant Homes to continue accelerating toward its target of becoming a £500m turnover, 2,000-unit business across its operations in central Scotland, north east England, Yorkshire and the Midlands.
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.
Avant Homes Scotland managing director, David Knight, said: “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 team in Scotland has 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 as a group 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 Scotland and our operations.”
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 the housebuilder’s 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% year-on-year to £369m, whilst operating profits rose 107% to £45m. These were delivered having achieved 1,636 total completions, up 35% 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.