HILLREED Homes, the long-established Kent housebuilder, has been sold for £35.7m.
Founded by Tony Hillier and Colin Creed in 1975, the Maidstone-based company is now owned by Persimmon, the UK’s largest housebuilder.
Hillreed has earned a good reputation as a designer and builder of high-quality family homes across Kent, Sussex, Surrey and Hampshire.
The sale was prompted by the directors’ retirement plans, though Hillier and Creed continue to have an active commercial property portfolio in the region.
Hillreed was also attractive to Persimmon for its strategic land holdings and a land bank of 3,400 plots.
Joint majority shareholder Tony Hillier, the former company chairman, said it would be “business as usual” for the foreseeable future “With the exception of the former majority shareholders – myself and Colin Creed – the senior management team and all staff remain in place to develop high quality family homes. Persimmon recognised that Hillreed offered the same quality properties as its established brands such as Charles Church and Westbury, so the new ownership is a good fit.”
Mike Farley, group chief executive of Persimmon, said: “The Hillreed name and brand is very complementary to our existing portfolio; this acquisition strengthens our position in the south east and demonstrates our commitment to continued land investment to support our growth strategy.”
Hillreed was advised by asb law, the Maidstone-based law firm, Reeves, the accounting and business advisory services practice with offices in Canterbury and Chatham Maritime, KPMG and UHY Hacker Young.