With a projected turnover of £500 million by 2021, the new PegasusLife Group is set to become one of the biggest retirement developers in the country. The acquisition enables PegasusLife to accelerate its growth plans and strengthen its market leading position.
Renaissance Retirement – number 119 in our Solent 250 list – is a Ringwood-based developer with £32m of sales in 2016.
Howard Phillips, CEO of PegasusLife, said: “The UK is still not building anywhere near the number of properties needed for our ageing population. 22 million people – a third of the UK population – are now over 50 so the demand will continue to grow.
“We set out on a mission in 2013 to transform the retirement property market with a high quality product and a transparent operating model. Adding Renaissance, a leading brand with similar values, to the Group allows us to further enhance our product offer, geographical reach as well as offer an even wider range of price points.”
Chris Goddard, chairman of Renaissance Retirement, added: “We are very excited to be joining the PegasusLife team. The PegasusLife Group is well positioned to address the chronic shortage in quality later living Accommodation. The continued supply/demand imbalance in this sector presents a huge growth opportunity for the Group.”
Goddard joins the PegasusLife board, which is led by Howard Phillips (CEO) and also comprises Mark Shirburne Davies (COO), Ian Trinder (CFO) and Ali Powell (CCO). The combined GDV (gross development value) for both companies now sits at more than £1.7 billion, with 19 sites currently under construction and a portfolio of 71 sites in total.
The acquisition also includes an interest in construction company Hackwood, set up by Chris Goddard.