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Mon April 12 2021

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BGF invests in Exeter house-builder

2 Mar Exeter-based Burrington Estates is getting a £15.5m injection from BGF to support a push into the Midlands.

Burrington Estates’ Seaward Park development in Clyst St George, near Exeter
Burrington Estates’ Seaward Park development in Clyst St George, near Exeter

Burrington Estates, founded in 2013 by Mark Edworthy and Paul Scantlebury, aims to treble its turnover for £70m to £210m by 2026.

BGF, formerly, the Business Growth Fund, is owned by the banks Barclays, HSBC, Lloyds, NatWest and Standard Chartered. It buys minority stakes in companies to support their growth plans.

Burrington Estates has built more than 400 homes in the southwest over the past five years and its current portfolio of sites has a gross development value of £300m.  It now plans to expand into the Midlands.

David Jervis, previously managing director of Spitfire Bespoke Homes, has been appointed to run the Midlands division. Land has already been secured in Deddington in Oxfordshire and Binfield in Berkshire. 

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From the £15.5m investment from BGF, £13.5m will support this expansion of Burrington’s New Homes business. The additional £2m investment will boost the commercial property development side of the business.

Mark Edworthy, co-founder of Burrington Estates, said: “BGF’s investment and strategic insight will be crucial in our move to take the business to the next level. Burrington Estates is a strong brand that is already established in the southwest and we want to replicate that in the Midlands. We have ambitious plans for growth in all areas of the business coupled with a strong pipeline of land, so it is realistic that we will be able to deliver 600 homes per annum within five years.”

BGF investor James Skade said: “Burrington Estates is a really exciting investment for BGF – as a progressive and forward-thinking property developer, both the residential and commercial divisions are bringing a fresh approach to the sector and have impressive plans for growth. We look forward to being part of that journey.”

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