Builders' Merchants News

Hillreed Homes sold for £35m

Published:  24 October, 2012

MAIDSTONE: House builder Hillreed Homes has been sold to Persimmon for £35.7m.

Hillreed designs and builds houses in Kent, Sussex, Surrey and Hampshire. Hillreed was an attractive buy for Persimmon for its strategic land holdings and a land bank of 3,400 plots.

Joint majority shareholder Tony Hillier, the former company chairman, said it would be 'business as usual' for the foreseeable future, "With the exception of the former majority shareholders - myself and Colin Creed - the senior management team and all staff remain in place to develop high quality family homes.

Mike Farley, group chief executive of Persimmon, said: "The Hillreed name and brand is very complementary to our existing portfolio; this acquisition strengthens our position in the south east and demonstrates our commitment to continued land investment to support our growth strategy."