Hassett Homes has received a £6.75m cash injection from TGF Capital in return for 35% of its equity.
The investment will allow the Liverpool-based house builder, which develops high-specification homes in suburbs such as Aughton and Formby, to access competitive senior debt markets as it seeks to grow its turnover to £30m within three years. Hassett Homes is on track to achieve sales of £11m in the current financial year.
Jamie Blennerhassett (pictured right), founder of Hassett Homes, said: “This is the natural extension of our relationship with TGF Capital and I’m delighted to have them as a board and shareholding partner.
“Having institutional-grade backing of this type puts us on a very firm footing as far as our future funding needs are concerned. The move will enable us to access up to £20m in low-cost finance to drive our site acquisition and development programme, as well as strengthening our corporate governance.”
Steven Peck (pictured left) of TGF Capital added: “Having seen the quality of the management within the business and the quality of the houses it delivers, stepping up our involvement made perfect sense. We bring a lot to the table and will be committed shareholders, keen to drive growth and performance over the long term.”
Glenville Walker acted on behalf of Hassett Homes on the transaction and Husband Forwood Morgan acted for TGF Capital.
