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House builder to invest £20m in new modular factory
A national house builder has announced plans to open a £20m modular development factory in the East Midlands.
Countryside will set up a modular housebuilding plant in Leicester as part of its new £150m growth plan.
It will have the capacity to deliver 3,500 homes per year, has been awarded planning permission and is expected to open in Autumn 2021.
The facility will be the organisation’s second such factory, with the first in Warrington.
Countryside unveiled the growth plan following a successful £250m fundraise on the stock market.
In addition to the new factory, the funding will also be used to expand its partnerships business, through which it works with housing associations and councils, into south London, the Chilterns and the South West.
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The developer will spend a further £50m accelerating the delivery of eight schemes within its Partnerships South division.
In its end of quarter trading update, Countryside confirmed it completed 449 homes between April and June this year, a 57% reduction on the 1,055 homes it completed during the same period last year.
It said its sites are now operating at over 85% capacity on average following a complete shutdown at the start of the COVID-19 crisis.
Iain McPherson, chief executive at Countryside, said: “While we have seen significant disruption through the quarter, our return to site was well executed and we have seen increased interest from customers in recent weeks.
“Our partnerships business and its focus on affordable and private rented sector homes continues to show particular resilience.
“The creation of the Midlands division along with progress on our second modular panel factory will create the platform to continue to grow our business in the medium term. This, together with our strong forward order book, positions the group well for the future.”
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