Banner Homes stakes claim on Midlands market with Dodd acquisition

South of England housebuilder Banner Homes Group plc will become a major player in the Midlands market overnight, having acquired a selection of sites from the Dodd Homes’ landbank – which could have a gross development value of up to £100m – plus a 25 strong development management team.

In the multimillion pound transaction, Beaconsfield headquartered Banner Homes, will acquire a total of eight prime residential development sites for more than 350 units, the majority of which have the benefit of detailed planning permission. The sites are spread across the Midlands, including locations such as Kenilworth, Stroud, Tamworth, Cheltenham and Birmingham’s Jewellery Quarter and range from large apartment schemes to niche family housing developments.

Dodd Homes – which is one of three trading companies within the Dodd Holdings group – will retain its current live sites, located in central Birmingham, Solihull and Cheltenham, and the remaining residential development opportunities across the region, which it proposes to develop. The other two Dodd subsidiary businesses; LandMarque Sites, a land acquisition specialist, and Falconhurst Estates, a £30m property investment business, will both receive a considerable investment injection as a result of the deal.

Steve Dodd, chairman of Dodd Holdings comments: “The decision to sell a number of sites has come as a result of a unique deal that delivers an ‘oven ready’ landbank and management team, providing Banner Homes with a platform to expand their Midlands operation.

“Meanwhile, the disposal will enable us to focus more energy into expanding the Falconhurst Estates investment portfolio, as well as growing the LandMarque Sites team, which is currently processing in the region of 450 units through the planning system.”

With regional offices now in Studley, Winchester and Beaconsfield, Banner Homes currently has over 30 live development sites across central and southern England, building in excess of 400 units this year.

Richard Werth, Chief Executive of Banner Homes Group plc said: “I am delighted to have completed the purchase of the development sites from Dodd Homes and also to welcome on board the house building team. This will be a massive boost to Banner Homes Midlands, which now becomes a major force in our three-region business. The new sites will help us to firmly put the ‘Banner Homes’ name on the map in the Midlands.

“We know already from our experiences in Stratford upon Avon and Alveston that the high quality Banner product is much appreciated by the discerning Midlands’ purchaser and we look forward to bringing our award winning homes to the rest of the region.”

To maintain stability following the transaction, both companies have reached a deal that will see Banner Homes Midlands move immediately to Studley to be based alongside Dodd Holdings’ headquarters.

Mark Booth formerly managing director of Dodd Homes will become managing director of Banner Homes Midlands with immediate effect.

Corporate partner Geoff Perry and property partner Joel Kordan from Shoosmiths’ Birmingham office were lead legal advisers to Dodd Homes, and James Burgess at Pitmans in Reading advised Banner Homes.

David Law, Land Director from Connells’ Leamington Spa office was responsible for introducing Banner Homes to Dodd Homes.