BGF invests £5m in Cussins

The funding, alongside a new £7m debt facility provided by Lloyds, will finance the acquisition of land to enable the construction of around 300 new homes per year over the next four years.

The business is looking to capitalise on revised planning policy, which it said has led to an increase in land in prime locations across the north east of England. Most recently it has been working on the construction of 73 homes overlooking Alnwick Castle.

Following completion of the transaction, Mike Stansfield, former chief executive of David Wilson Homes, will take the role of non-executive chairman at Cussins.

The deal marks BGF's second investment in the north-east region of England within the space of a month, having already injected £7.5m into J&B Recycling, a provider of waste collection, recovery and recycling services.

Company
Headquartered in Alnwick and founded in 1922, Cussins is a home builder. The company stated it has been under the Cussin family's ownership for three generations.

People
Richard Taylor, an investment director at BGF, will take a seat on the board at Cussins. Investment manager Chris Boyes also worked on the deal for the GP. Richard McEvoy, a relationship director, led the deal for Lloyds. Jacob Cussins is chief executive of Cussins.

Advisers
Equity – Watson Burton (Legal); KPMG (Tax).
Debt – Muckle (Legal).
Company – Cavu Corporate Finance (Corporate finance); Square 1 Law (Legal).

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• Topics
• Expansion
• UK / Ireland
• Industrials
• BGF (Business Growth Fund)
• United Kingdom