Weston Group sets up partnerships division to target build-to-rent

Weston Group has announced the launch of a new partnerships division as it seeks to expand into build-to-rent and other operational living sectors.

The Essex-based housebuilder has set up the new team as part of its plan to move more into developer partnerships and joint ventures for funds managing build-to-rent portfolios.

It will also look to partner with local authorities, businesses, such as later living developers and student accommodation providers, who need MMC building components. Weston Group set up the team after securing £150m of work through these kind of partnership deals.

Weston Partnerships is expected to contribute around 25% of the Weston Group’s turnover over the next two years.

The division is a not a distinct incorporated business entity and consists of existing Weston employees, although it will look to expand and recruit more people if it grows.

A spokesperson said the partnerships arm will “leverage” Weston’s expertise through its £45m robotised offsite factory run by subsidiary British Offsite to deliver “high-quality, sustainable solutions at scale.” The factory in Braintree, Essex, has capacity to build 4,000 homes a year.

Weston Partnerships is led by Steve Hatton, development director at Weston Homes.

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Peter Gore, chief executive of Weston Group says: “The Build-to-Rent, local authority and some of the other deals we have already secured have the advantage of being forward funded providing an upfront income stream which is highly advantageous for our cash flow and financial strength.”

Weston Group posted turnover of £286.8m for the year ending 31 July 2023.