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Thu June 13 2024

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Reverse takeover brings Kent housebuilder to stock market

14 Oct 11 Kent housebuilder Combe Bank Homes is coming to the stock market launch by an agreed reverse takeover of the failed Trafalgar New Homes.

Combe Bank’s Meade Court development in Edenbridge
Combe Bank’s Meade Court development in Edenbridge

Trafalgar went into administration last year after financial problems with a development in Mitcham, Surrey. After a company voluntary arrangement, in which creditors took stock, it came out of administration last month.

Combe Bank, owned by founders Christopher and Alexander Johnson, currently owns eight residential development sites across Kent.

Under the reverse takeover, Trafalgar has agreed to pay Combe Bank £2.25m, in the form of 87% of the Trafalgar share capital. Shareholders representing 61.5% have already committed to the deal.

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