Britain’s biggest housebuilder Barratt Developments has bought strategic land specialist Gladman Developments for £250m.
The deal provides Barratt with enhanced land promotion resources and some 406 potential sites, with almost 100,000 homes in the south of England.
Founded in 1987 by now-chairman David Gladman, the company specialises in securing planning consent and selling sites to housebuilders.
Current projects include a pending application for 1,550 homes at Winnington Works in Northwich, Chester, and a number of smaller schemes in Bath, Rother and Essex.
In the last financial year to 31 March 2021, Gladman gained approval for some 2,760 homes across 15 sites and sold 18 sites with consent for 2,796. At the end of the year, it reported gross assets of £212.3m and pre-tax profit of £6.9m.
Performance was dampened by the pandemic; during the three years prior to Covid-19, Gladman reported an average annual pre-tax profit of £18.9m, with an annual average of 4,230 homes approved and sites for 4,156 homes sold.
Gladman will continue to operate as a standalone business within Barratt, supplying land to third parties, while also providing an additional route for Baratt to source strategic land.
Steven Boyes, chief operating officer and deputy chief executive at Barratt Developments, said: “Gladman’s strong credentials in identifying attractive land and promoting sites through the planning process will be an important addition to the group.”
Savills Capital Advisors acted for Gladman Developments.
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