A trio of ‘vulture funds’ – Alchemy Partners, Angelo Gordon and Avenue Capital – has tabled a bid for housebuilder Avant Homes.
The trio has reportedly offered £170m for the housebuilder, formerly known as Gladedale, which is being sold by Lloyds Banking Group with a price tag of £200m.
Lloyds took over the business in 2009 after Gladedale imploded following a wild acquisition spree by its former boss Remo Dipre. It has since returned to the black, with sales of £220m last year.
Despite private equity interest in housebuilders, the trio’s bid is thought to be the only one so far for Avant Homes.
Sunday Times Business, 3
