Headquartered in Magor, on the north side of the Severn estuary, Edenstone has opened a satellite office across the Prince of Wales (M4) bridge overlooking Portishead Marina in Somerset.
Established by Martin Taylor in 2003, Edenstone has grown from £18m turnover in 2018 to £39m in 2019 to £57m in the year ended April 2021. It is now targeting turnover of more than £100m by 2023. Last year it completed 201 homes; this year it expects to complete more than 330.
Chairman Martin Taylor said: “The opening of the Portishead office is a major milestone for the group as it’s our first base outside of Wales. Our significant and rapid growth both in scale and operation is testament to the hard work and dedication of our talented teams and we’re looking forward to creating further employment opportunities with the opening of the new office.
“We’re already building in Gloucestershire and Herefordshire. Portishead is a natural choice given its accessibility to our forthcoming sites across the region. It will be key in helping us meet our growth aspirations in the southwest of England as we expand into Somerset, Devon, Wiltshire and Bristol.”
Edenstone’s portfolio is 70% private sale and 30% affordable housing. Its Ashgrove Partnerships division works for social housing landlords. It currently has 10 lives sites across south Wales and the southwest of England.
“The target for the current financial year is to complete 335 homes – that’s a 66% increase on last year. This increase in completions will lead to us recruiting 20 new members of staff and will create and support many more jobs within our supply chains,” Mr Taylor said.
“To help achieve this growth, we have secured five sites, which will deliver 40 to 150 homes each. Current projections are that we will achieve turnover of £83m in the current financial year and will exceed £100m the year after. Our aim is that by 2025 we will be building 800 homes a year.”
Edenstone Group has taken a five-year lease on the 2,000 sq ft Portishead office. The company anticipates that 15 employees, mainly new recruits, will be based there by 2023.