A Lincolnshire housebuilding firm has been purchased by a global investment management firm for an undisclosed sum.
Larkfleet Group’s shareholders, Karl and Helen Hick have sold the home building activities of their company to the funds managed by PIMCO.
John Anderson, the current Chief Executive Officer of Larkfleet Group, and Alastair Gordon Stewart, current Chief Financial Officer, will stay on to lead the company under the new ownership.
PIMCO’s decision to purchase the company reflects the heritage of the brand that Karl and Helen have built over twenty years, creating the platform for significant further growth, and the strength and experience of the senior management team.
The sale covers all the house building activities of Larkfleet Group. The new company will continue to trade under the brand names Larkfleet Homes and Allison Homes.
PIMCO will back the existing management team with significant investment to help deliver the business’s ambitious strategy to deliver over 2,000 homes a year within the next five years, maintaining a focus on the delivery of high-quality developments using innovative technology and construction methods.
Karl is to remain as an advisor to the new company to help the transition. Karl will also retain a financial interest in major existing housing projects.
Karl and Helen will retain all the non-home building interests of the Larkfleet Group and will continue their work supporting community and charitable projects, particularly the recently formed Karl and Helen Hick Charitable Trust.