BGF sells Cussins stake to Northumberland Estates

Following the deal, Cussins' family owners will retain a majority stake in the business. Non-executive chairperson Mike Stansfield, who was introduced to the business by BGF, will step down from the board.

BGF has made a number of investments in the housebuilding sector, including Northern Ireland-based Braidwater and Scotland-based Campion Homes.

Previous funding
BGF acquired a minority stake in Cussins for £5m in December 2014, in a deal supported by a £7m debt facility provided by Lloyds.

At the time of the deal, BGF said it was looking to support the acquisition of land to enable the construction of around 300 new homes per year over a four-year period. The business has since acquired development sites at Longframlington, Warkworth and Longhorsley.

Company
Headquartered in Alnwick and founded in 1922, Cussins is a housebuilder. The company generates a turnover in the region of £15m, around treble the amount it reported prior to BGF's investment.

People
BGF – Richard Taylor (investment director).
Cussins – Jabin Cussins (CEO).

Advisers
Equity – Watson Burton (legal).
Company – DWF (legal).

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• BGF (Business Growth Fund)
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• Trade sale