Southampton: Crayfern Homes acquired by growing developer Vanderbilt Homes

Award-winning developer Vanderbilt Homes has announced the acquisition of Southampton-based Crayfern Homes. Crayfern Homes creates high-quality houses and apartments in Dorset, Hampshire and West Sussex; its geographic reach positions it as an attractive complement to Vanderbilt’s own Home Counties operations.

The acquisition underpins Vanderbilt Homes’ ambitious growth plans, after it secured further support from shareholders Cheyne Capital Management, and senior lenders Barclays and Natwest, to execute its strategy.

Founded in 1992, Crayfern has become one of the South’s leading developers and, as testament to its build quality, has retained its A1 NHBC rating for many years. Crayfern Homes prides itself on being run like a family business and the care and attention to detail put into its homes has helped it deliver impressive growth of over 20% per annum whilst retaining strong margins.  It will deliver over 100 new homes this year.  

“We are delighted to welcome Crayfern Homes into the Vanderbilt Homes Group,” commented Chris Chiles, Vanderbilt Homes’ Group MD. “Our vision is to generate sustainable growth through market-leading operations and premium quality homes, and to that end, Crayfern Homes represents an excellent fit.  Crayfern Homes is a robust business which has demonstrated impressive long-term performance.  We look forward to harnessing our expertise across the group to further enhance our product, service and performance across a broader geography.”

Vanderbilt Homes has undergone a significant transformation over the last few years.  It has put a new management team in place, selecting high performers from within and outside the industry and has invested heavily in digital innovation to improve quality and productivity.  The housebuilder, which turned over £49m in 2018, has grown by 32% since 2016 while increasing operating profit by £7 million. 

“We are extremely well funded with ambitious shareholders who have been extremely clear on our objectives: to grow both businesses.  The deal allows us to capitalise on the progress we have made over the last few years, delivering accelerated growth from the enlarged group and creating further expansion opportunities,” commented Chiles.

Vanderbilt Homes and Crayfern Homes will deliver over 200 homes this year between them and will grow to exceed £100 million turnover by 2021.  

For more information on Vanderbilt Homes, visit vanderbilthomes.co.uk