With the horrendous financial period of 2009/10 behind us, the housing market in 2015 looks far more positive. But whilst Bargate has enjoyed substantial financial support from its shareholders and bank, it was clear we needed to secure a more solid financial foundation in which to grow and take the business to its next stage.
Over the past six months the management team have investigated a number of opportunities and we’re delighted to announce that the Prowting family through Prowting Investments Plc have taken a 30% shareholding in Bargate Homes Ltd.
Prowting is a name synonymous with UK housebuilding. The family ran their own housing business for many years branching out into commercial property and property investment.
The fourth generation are still actively involved as long term investors in the industry – most recently as shareholders in Banner Homes and another housebuilder in the West Country.
Bargate chairman Gerard Price said: “Whilst we didn’t admit it straightaway the Prowting family were our first choice as long term investors. We share a very similar ethos in putting quality before quantity. Their investment together with a new revolving credit facility from bankers RBS will allow the company to be a credible alternative to a national housebuilder, something which I’m aware many landowners have been seeking for some time.
“The Prowting investment into the Bargate business plan, together with our bankers support is a huge vote of confidence in the whole Bargate team and what we have built up over the past seven years.”