Categories
  Encyclosphere.org ENCYCLOREADER
  supported by EncyclosphereKSF

Telford Homes

From Wikipedia - Reading time: 11 min
Telford Homes PLC
Company typePrivate
IndustryHousebuilding
Founded2000
Key people
Andrew Wiseman (Chairman)
Jonathan Di-Stefano (CEO)[1]
RevenueIncrease £291.9 million (2017)[2]
Increase £36.7 million (2017)[2]
Increase £27.5 million (2017)[2]
Number of employees
248
ParentCBRE Group
Websitewww.telfordhomes.london
Stratford Central, a Telford Homes development, seen from Westfield Stratford City.

Telford Homes is a housebuilding company that specialises in developments in non-prime areas of London.[3]

History

[edit]

During December 2001, the company was floated on the Alternative Investment Market, raising £4.4 million of investment in the process.[4] Early on, the company largely focused its attention onto London's East End.[5] One particular center point of its development work during the 2000s was Stratford, where the firm capitalised on a steep rise in house prices that were close to the site of the Olympics Park for the 2012 Olympic Games.[1][6] In the aftermath of the Olympics, Telford Homes continued to invest into Stratford locations.[7]

The company was negatively impacted by the Great Recession, which caused a dip in house prices and Telford Homes' valuation to drop to 20p per share; however, it was not at risk of ceasing operations,[1] with a rise in profits being recorded during December 2008.[8] The firm's response to the wider economic downturn was to refrain from investing into new land as well as decreasing the completion rate of its open market homes to a below-capacity rate;[9] an increased focus on affordable housing and selling to organisations such as housing associations was also pursued.[1][10]

Furthermore, the company was in a good enough fiscal position that it was able to purchase other companies as early as mid 2009.[11] The firm continued to record profits during most years, such as a pre-tax profit of £7.3 million in 2010. During June 2011, Andrew Wiseman stepping down as chief executive of Telford Homes and subsequently became the firm's executive chairman while the business' former finance director Jon Di-Stefano was appointed as chief executive.[9]

The mid-2010s were a particularly lucrative time for the company. In April 2012, it was reported that a better-than-expected pre-tax profit had been recorded amid increased sales and completions.[12] During the summer of 2013, the firm issued eight million shares in order to raise roughly £20 million in funding for its development activities;[13][14] later that same year, Telford Homes announced that its plan to double in size over the following five years.[15] In May 2014, it was reported that year-on-year profits had roughly doubled.[16][17] In 2015, Telford Homes' recorded a profit of £25.1 million, which was up tenfold from four years prior, while the firm's value had risen from £20 million to £250 million.[1]

During 2015, roughly 85 per cent of the firm's customers were investors, roughly half of which were from overseas.[1] That same year, it purchased United House Developments' interest in four London-based development sites in exchange for £23 million.[18][19] During 2016, Telford Homes stated that its development pipeline had a value in excess of £1.5 billion.[20]

In 2017, in response to high demand from people across London that were struggling to get on the property ladder, the firm announced that it would orientate towards building additional homes for the rental market rather than owner-occupier properties.[21][22] During April 2018, it was reported that Telford Homes was expecting record profits and revenues for the financial year 2017/18; this performance was partially attributed to London’s housing shortage.[23][24] In February 2019, the firm sold an east London site to Greystar in exchange for £105 million.[25]

In June 2019, it was announced that the firm would build almost 900 homes at Nine Elms Park in Battersea under a £280 million deal.[26][27] That same month, it was announced that the American real estate investment and development firm CBRE Group had submitted a bid valued at £267.4 million to acquire Telford Homes and that the price had met with the approval of the firm's directors.[28][21] Four months later, the acquisition was completed.[29]

During June 2022, it was announced that outsider Anne Kavanagh had been appointed as Telford Homes' chief executive following the departure of John Di-Stefano.[30] In October 2023, it recorded a pre-tax loss of £193 million after the firm was impacted by building safety writedowns and losses related to its conversion of the listed Balfron Tower in east London.[31]

References

[edit]
  1. ^ a b c d e f Lynch, Russell (24 March 2016). "Footy fanatic aiming to take London housebuilder to top of the league". standard.co.uk.
  2. ^ a b c "Telford Homes Plc - Final Results 2017" (PDF). Telford Homes. Retrieved 14 June 2017.
  3. ^ Williams-Grut, Oscar (13 April 2016). "DEVELOPER: £600,000 for a flat in London is 'relatively affordable'". businessinsider.com.
  4. ^ "Telford flotation funds 'better than expected'". constructionnews.co.uk. 20 December 2001.
  5. ^ Frean, Alexandra (28 May 2009). "Business big shot: Andrew Wiseman, chief executive, Telford Homes". The Times.
  6. ^ "Olympics gain for Telford Homes". theconstructionindex.co.uk. 22 November 2005.
  7. ^ Pitt, Vern (6 November 2014). "Telford Homes JV plots 400 home East London scheme". building.co.uk.
  8. ^ Lloyd, Tom (2 December 2008). "Social housing helps Telford Homes profits". insidehousing.co.uk.
  9. ^ a b "New boss for Telford Homes". theconstructionindex.co.uk. 1 June 2011.
  10. ^ Whitten, Nick (27 May 2009). "Telford Homes sees a sales rise due to affordable housing". constructionnews.co.uk.
  11. ^ Lane, Michael (23 June 2009). "Telford homes to buy Clifford Contracting for £6.3m". constructionnews.co.uk.
  12. ^ Brown, Carl (17 April 2012). "Builder to report profit boost as sales rise". insidehousing.co.uk.
  13. ^ Haddon, Michael (12 June 2013). "Developer to raise £20m for homes in London". insidehousing.co.uk.
  14. ^ Wilson, Robyn (29 November 2013). "Telford Homes sees 18.5% profit increase for H1 2013". constructionnews.co.uk.
  15. ^ Gardiner, Joey (27 November 2013). "Telford Homes to double size in five years". building.co.uk.
  16. ^ Rankin, Jennifer (28 May 2014). "London property developer Telford Homes sees profits double". The Guardian.
  17. ^ Fraser, Isabelle (28 May 2016). "Telford Homes profiting from migration". The Telegraph.
  18. ^ Wilson, Robyn (21 September 2015). "United House sells stake in four developments". constructionnews.co.uk.
  19. ^ Dransfield, Louise; Clark, Tim (21 September 2015). "Telford Homes buys United House's regen business". building.co.uk.
  20. ^ Schouten, Charlie (1 June 2016). "Telford Homes reveals £1.5bn pipeline". constructionnews.co.uk.
  21. ^ a b Curry, Rhiannon (3 July 2019). "Property advisor to buy house builder for £267m". insidehousing.co.uk.
  22. ^ Johnstone, Nick (31 May 2017). "Telford boosts profits due to build-to-rent initiative". insidehousing.co.uk.
  23. ^ "Telford Homes anticipating record profits on London shortage". Financial Times. Retrieved 10 April 2018.
  24. ^ "Telford builds record profits on London housing shortage". BelfastTelegraph.co.uk. ISSN 0307-1235. Retrieved 19 April 2018.
  25. ^ Champ, Hamish (19 February 2019). "Telford Homes sells east London site to Greystar". building.co.uk.
  26. ^ Clark, Tim (21 June 2019). "House builder agrees deal to build 900 build-to-rent homes in Battersea". insidehousing.co.uk.
  27. ^ Kelly, Megan (21 June 2019). "Telford Homes to deliver £385m Nine Elms resi scheme". constructionnews.co.uk.
  28. ^ Price, David (3 July 2019). "CBRE in £267m Telford Homes takeover". constructionnews.co.uk.
  29. ^ "Telford takeover completes". The Construction Index. 2 October 2019. Retrieved 20 December 2019.
  30. ^ Gardiner, Joey (6 June 2022). "Telford Homes brings in new chief executive". building.co.uk.
  31. ^ Gardiner, Joey (19 October 2023). "Safety costs and problem job send Telford Homes tumbling £193m into red". building.co.uk.
[edit]

Media related to Telford Homes at Wikimedia Commons

Stub icon

This corporation or company article is a stub. You can help Wikipedia by expanding it.

Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Telford_Homes
11 views |
↧ Download as ZWI file
Encyclosphere.org EncycloReader is supported by the EncyclosphereKSF