Braidwater, the Derry-based, family-owned construction firm, has become the first company in Northern Ireland to win an undisclosed investment boost from Britain’s Business Growth Fund (BGF).
The fund, which was established in 2011, is backed by five of the UK’s largest banking groups: Barclays, HSBC, Lloyds, RBS and Standard Chartered.
BGF initially invests between £2 million to £10 million of growth capital in a company in return for a minority equity stake and a board seat.
The organisation typically backs both privately owned and AIM listed companies with a turnover in the region of £5 million to £100 million.
Braidwater, which has been in business for 40 years, confirmed it has appointed Mike Stansfield, former chief executive of David Wilson Homes as its new independent non-executive chairman. It is a division of Barratt Developments Plc, one of the UK’s largest house builders .
The Derry company has also appointed Paddy Graham, an investor with BGF and Ciaran McGivern, former head of business banking with Bank of Ireland NI, to its board.
Braidwater which is run by founder and executive chairman Patrick McGinnis and his son, managing director Joe McGinnis said the BGF investment package will be used to develop residential properties across existing sites.
The Derry company said it will also harness the finance to help it address the shortage of new build houses in Northern Ireland. The company has four developments currently under construction at Bedford Meadows, Antrim; Drenagh Park, Limavady; Leighinmohr Crescent, Ballymena and Fort Manor, Dundonald. It expects to start two further projects shortly.
Braidwater also intends to rebrand its social housing division as BW Limited following the BGF deal and intends to continue to operate in the social housing sector.
Commenting on the BGF investment Joe McGinnis said: “This is an exciting new stage of development for Braidwater and we are delighted to have secured the investment.
“The business is growing, and we have seen strong demand from our current developments and have a healthy pipeline of land for acquisition. ends
