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David Thomas, group chief executive of Barratt, said: “We have great respect for Redrow, its overall strategy, its leadership and employees, and its high-quality homes and communities.
“This is an exciting opportunity to bring together two highly complementary companies, creating an exceptional homebuilder in terms of quality, service and sustainability, able to build more of the high-quality homes this country needs.
“The combined group would leverage the respective strengths of both Barratt and Redrow, delivering significant benefits to our people, our supply chains, and – most importantly – our customers.”
Barratt and Redrow generated aggregate revenue of £7.4bn in FY 2023, delivering total completions of 22,642.Matthew Pratt, group chief executive of Redrow, said: “Redrow and Barratt combined creates a leading UK homebuilder. Together, we’ll be in a much better position to offer a broader range of high-quality and energy efficient homes to customers.
“The Redrow brand, with its premium, characterful homes, has an excellent reputation and will remain a key part of the combined group. As with Barratt, Redrow’s fifty-year success story is based on its people, products and supply chain partners.
“Both businesses are a great fit and there are many exciting opportunities to innovate and share knowledge across a range of different areas.”
Steve Morgan, Redrow’s founder, said: “During the 50 years since I founded Redrow, I could not be more proud of the unique reputation it has earned for building premium homes and thriving communities.
“Barratt is a home builder I have long admired due to their likeminded attention to quality. I am confident that the Barratt / Redrow combination with their three high-quality complementary brands, will create a standout home builder for the future and accelerate the delivery of much needed homes across the UK.”
Caroline Silver, Barratt’s non-executive chair, will lead the combined group as non-executive chair. Barratt’s chief executive, David Thomas, will be group chief executive of the combined group. Mike Scott, chief financial officer of Barratt, will be chief financial officer of the combined group, and Steven Boyes, chief operating officer and deputy chief executive of Barratt, will be chief operating officer and deputy chief executive of the combined group. The board of directors will be a combined board comprising the existing executive and non-executive directors of Barratt, with the addition of Matthew Pratt, currently group chief executive of Redrow, who will join the combined group and assume the role of chief executive officer, Redrow, and group executive director, and Nicky Dulieu, currently senior independent director of Redrow, and Geeta Nanda, currently non-executive director of Redrow, who will both join as non-executive directors.Barbara Richmond, group finance director of Redrow, has agreed to join the combined group to support the integration for a period of not less than 12 months.
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BDO bolsters East Midlands team with partner hire
Accountancy and business advisory firm BDO LLP has strengthened its Midlands team with the appointment of a new partner.
Having previously worked at BDO between 2011 to 2018, Steve Round re-joins the firm as a tax partner in the East Midlands. He specialises in transaction tax and advising owner-managed businesses, their shareholders & private equity-backed businesses on tax issues arising during all stages of a business’s lifecycle.
At BDO, he will manage a portfolio of clients across a breadth of sectors, including technology, professional services, manufacturing, business services and real estate. He will also focus on transaction work, advising on corporate structuring, shareholder exits, business acquisitions, tax due diligence, succession and the creation of Employee Ownership Trusts (EOTs).
Kyla Bellingall, regional managing partner at BDO in the Midlands, said: “We’re delighted to welcome back Steve to our rapidly expanding East Midlands team.
“In the last 12 months, we have invested significantly in the region, cementing our position in the market with our long-term move to Nottingham city centre, while also attracting talented and high-performing individuals to strengthen our proposition.
“Steve will add considerable value as we continue to grow our tax and corporate finance teams in the East Midlands.”
Steve will be based in the firm’s Nottingham office and joins from Cooper Parry.
He said: “It’s fantastic to be back at BDO during a period of exciting growth in the region. I’m really looking forward to getting back out in the East Midlands market to reignite strong relationships with the private equity and advisor community, as well as owner-managed businesses that are the lifeblood of the region.
“I can’t wait to get stuck in and build close bonds across our local, national and international teams – a network that brings considerable value to our service offering.”