Horsforth-based Stonebridge Homes Group Ltd is jointly owned by Henry Boot and Stonebridge Projects Ltd. Stonebridge Projects is owned by Darren Stubbs, chief executive of Stonebridge Homes, who has agreed to sell up.
Under the deal, Henry Boot will pay Stonebridge Projects fixed payments totalling £30m in instalments over the next five years, plus additional payments linked to performance. By January 2030, Henry Boot will have 100% of Stonebridge Homes.
Stonebridge is a regional house-builder focused on premium homes in Yorkshire and the northeast. In 2023 it completed 251 homes, turned over £94.4m and made an operating profit of £5.9m. It has a medium-term target of building 600 homes a year and has started acquiring sites in the north Midlands to expand into a new region in 2025.
Henry Boot chief executive Tim Roberts said: "This transaction represents an important strategic milestone for Henry Boot, allowing us to acquire full ownership of a high growth builder of premium residential homes that we already know well through our existing 50% share in the business. The acquisition of Stonebridge also further cements our position in the UK house-building sector, a market which currently benefits from a number of supportive structural and political tailwinds, while at the same time simplifies Henry Boot's structure. The consideration is performance linked, and the phased structure is designed to generate strong returns whilst maintaining gearing within our optimum range of 10-20%. All of this gives us confidence that this transaction will help drive enhanced shareholder value over the medium term and will be a significant part of our plans for growth."
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