A private equity firm has taken a major shareholding in Kent housebuilding firm the Chartway Group.

The company, based in Coxheath, has seen a sizeable investment from Cabot Square Capital's Public Sector Plc (PSP).

It is a specialist strategic asset manager that partners with public and private sector bodies in a bid to add value to land and property assets.

As a result, it will create a new merged group with the funding supporting the growth of the Kent company.

The Chartway Group comprises of a number of companies which include Westerhill Homes, Chartway Civil Engineering, BBS Construction and Swale Building Supplies.

Keith Maddin, partner at Cabot Square, said: “Chartway Group is a leading partnerships housebuilder with turnover in excess of £100 million and a track record of growing profitability year on year since it was established in 2009.

"We particularly like their capital-light and vertically integrated business model as well as the opportunity to help address the shortage of low carbon energy efficient housing. Their ability to work across all tenures of housing means they are well placed to adapt to changing market conditions over time”

Ian Savage, Chartway Group founder, steps up to become chairman and along with a number of the Chartway senior executives, will remain a significant shareholder. Steven Cresswell who recently joined Chartway from Thakeham Group, will become the new group chief executive with Paul Brown, chief executive of PSP, continuing to run the strategic asset management business.

Ian Savage added: “We are very pleased that Cabot Square has recognised Chartway’s progress to date and their investment and platform building experience will help us continue in our next phase of growth. This also represents a fantastic opportunity for our staff and customers.”