Housebuilder led by ex-Bloor chief eyes 1,000 homes a year as it secures investment

A housebuilder led by the former chief executive of Bloor Homes is aiming to build 1,000 homes a year after securing a ‘significant’ strategic investment from a pair of private backers. 

Adrian Bloor’s latest venture, HarperCrewe, will use investment from TPG Angelo Gordon and Ridgeback to grow its existing landbank and scale the delivery of homes at pace. The amount of money received from the funders has not been disclosed but Housing Today understands the total to be between £200m and £250m.

The housebuilder, which is headquartered in Warwick, is targeting eventual delivery of more than 1,000 homes each year, with a product range encompassing for-sale, rental and affordable housing tenures. 

The firm said its differentiated partnership model with national landowners, corporates, and landed estates, such as the 88,000-acre Welbeck Estate, Duchy of Lancaster, and Bathurst, has enabled it to amass an initial land portfolio of more than 3,000 plots since its inception in 2022. 

“Consolidation in the UK plc housebuilding sector is creating a path for new entrants that are committed to doing things differently,” said Bloor. 

“Our partnership model is a unique proposition and genuine alternative to the typical approach of a listed housebuilder.  

“From our regional offices in Warwick and Nottingham, our dealmaking capabilities take us straight to the source of off-market land with landowners that are looking to leave an enduring legacy.” 

The move marks an expansion of alternative investment manager TPG Angelo Gordon and real estate investor Ridgeback’s focus on the UK residential sector. 

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Together the pair has previously acquired nine UK build-to-rent assets with gross development value of more than £800 million.  

 Mike Diana, managing director of Europe real estate at TPG Angelo Gordon, said, “Our investment in HarperCrewe is underpinned by our belief that this is a highly scalable business that has a differentiated approach to housebuilding and serves a fundamentally undersupplied market.  

“With a best-in-class homebuilder in Adrian Bloor and Ridgeback’s operational expertise, together, we believe we are well-positioned to execute on this significant opportunity in the UK and address the demand for new homes therein.” 

A spokesperson for HarperCrewe declined to comment on the nature of the investment, including whether it is debt or equity.