Welsh house-builder Macbryde Homes is under new ownership after a management buyout.
Founders Simon and Ruth Macbryde have sold their business to managing director Gwyn Jones and his finance partner Bridgemere UK.
Bridgemere UK is owned by Wales’ most famous house-builder, Steve Morgan, the founder of Redrow. He said: “We are pleased to have acquired Macbryde Homes and are committed to supporting Gwyn with his growth plans for the business to become a major force in the region”.
Gwyn Jones, aged 33 said: “With the management strength and balance sheet of Bridgemere behind us, we have an excellent platform for significant growth as we look to increase our geographical footprint across the northwest. I am very grateful to Simon and Ruth for the opportunity they gave me when I joined the business six years ago and wish them the very best in the future”.
Macbryde’s North Wales division has this week moved into new offices at St Asaph Business Park on the A55, doubling the size of its previous premises to facilitate growth in Wales. The business is also moving into a second office at Preston Brook (near Runcorn) to expand into northwest England.
In the year to 31st March 2019 Macbryde Homes built 182 homes with an average selling price of £163,000. It made a pre-tax profit of £808,000 on turnover of £29.9m.
The purchase price was not disclosed but described simply as a “multi-million pound deal”.