A Cheshire-headquartered land promoter has been acquired by Barratt Developments for £250m.
Gladman Developments is to operate as a stand-alone business within the group and will continue to be led by its management team.
In the three years through to 31 March 2019, prior to the onset of the Covid-19 pandemic, Gladman generated average annual sales of £52.5m, an EBITDA of £19.6m, operating profits of £18.7m and pre-tax profits of £18.9m.
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In its last financial year, to 31 March 2021, Gladman reported pre-tax profits of £6.9m and gross assets of £212.3m at that date. Its turnover fell from £54.1m to £29.8m.
Gladman's existing portfolio, comprising approximately 406 potential sites with an average site size of 242 plots, is expected to deliver an incremental 500 home completions per annum for Barratt from FY25.
Steven Boyes, chief operating officer and deputy chief executive at Barratt Developments, said: "Barratt has built a reputation for a disciplined and competitive approach to acquiring land and Gladman's strong credentials in identifying attractive land and promoting sites through the planning process will be an important addition to the group.
"As always, we are working hard to help address the shortage of homes across the country and today's acquisition of a long-standing and trusted partner will further strengthen our ability to deliver our medium-term target to build 20,000 high quality homes per year."
Victoria Hesson, chief executive at Gladman Developments, added: "We are very proud of the expertise, track record and reputation Gladman has built over the past 34 years.
"By becoming part of Barratt we can accelerate our growth as the UK's leading land promoter and help to realise the potential of Barratt's attractive strategic land holdings, together delivering more high quality homes and sustainable developments across the country."
