Business model

HOW WE BUILD VALUE

Land acquisition

Acquiring land in desirable locations is essential for creating value. Our focus is primarily in the southern regions of England, where land supply is scarce and demand for homes is high. We have a rigorous, formal land acquisition process.

We set minimum gross margin and return on capital employed requirements for each site, and consider location, planning constraints, site suitability, viability, profitability and alignment with our strategic goals.

Design, planning and placemaking

Our approach creates vibrant, sustainable and communityfocused developments. Our designs balance functionality and aesthetics with attention to street scenes and diverse house types. We prioritise accessible green spaces, pedestrianfriendly pathways and community amenities, ensuring developments meet housing needs while creating connected, resilient communities where people thrive.

Selling our homes

Our process ensures a seamless journey from initial enquiry to completion of purchase. Our dedicated sales team engages and identifies buyers’ needs, provides detailed home and community information, and supports mortgage applications and preapprovals. Throughout construction, updates are shared, and a thorough final inspection is conducted to meet quality standards.

Construction

We instil a right first time attitude in building good quality houses to a consistent standard. Our construction process is meticulously planned and monitored to ensure quality, efficiency and compliance. The build team follows strict programmes and standards, with each phase meeting the New Homes Quality Code with rigorous inspections and safety checks. Advanced project management tools track progress in real time, enabling swift issue resolution and ensuring smooth, on-time completion that meets our high standards and client expectations.

Customer experience

Central to our customer commitment is delivering a high quality home and minimising the number of issues that customers require our support with after they move in. Our personal and responsive post-sales service, led by customer relations managers, addresses any questions or concerns, ensuring a smooth transition into homeownership. The introduction of new systems to track performance in resolving customer issues has significantly improved response times.

INTEGRATING SUSTAINABILITY

Land acquisition

Our land acquisition appraisals embed sustainability principles. We consider factors such as biodiversity, water conservation measures and habitat protection. We prioritise locations with access to sustainable transport, including public transport links and major road networks, and ensure space for social infrastructure to promote thriving, inclusive communities.

Design, planning and placemaking

Sustainability is integrated across every stage of design and planning. We incorporate biodiversity net gain, design attractive green spaces to encourage outdoor activity and wellbeing, and plan for sustainable connectivity through walking, cycling and public transport links. Social infrastructure, such as schools, healthcare facilities, play areas and community hubs, is carefully considered to deliver a lasting positive legacy.

Selling our homes

We deliver high quality energy efficient homes and provide buyers with information on the sustainability features of their homes. Alongside high performance insulation, many of our homes include solar PV panels, electric vehicle charging points and an increasing number of sites are installing air source heat pumps. All new houses achieve a minimum EPC B rating to support energy efficient living.

Construction

We integrate sustainable practices throughout our construction activities, focusing on resource efficiency and waste reduction. On-site recycling stations and waste segregation processes maximise landfill diversion, while we work to conserve and enhance natural habitats around the site. Additionally, protective measures for wildlife, such as temporary fencing and ecological monitoring, ensure construction activities align with our environmental stewardship commitment.

Customer experience

We deliver homes that prioritise energy efficiency, helping to keep running costs down. Sustainable features support customers to live more sustainably. Many developments also incorporate measures to support nature, alongside accessible green space and social infrastructure, creating more enjoyable spaces for residents.

Resources and Relationships

People

Skilled employees are essential in building and delivering homes that meet regulatory standards and customer expectations. A strong focus on workforce development, through training, health and safety measures and employee wellbeing, helps ensure efficiency, innovation and sustainability in operations. Engaging a motivated, well-trained workforce enhances productivity and contributes to maintaining the Group’s reputation and long-term growth.

Design and innovation

High quality design enhances our customer proposition, ensuring long-term value and customer satisfaction. Maintaining the flexibility of house types allows for customisation while improving construction efficiency. Innovation to enhance the sales process and streamline the build process can reduce costs and supports safety, quality and service.

Natural and manufactured resources

Natural resources like timber and aggregates, alongside manufactured materials such as bricks and steel, are the foundation of our building operations. Sourcing materials responsibly supports sustainability and minimises environmental impact.

We are committed to reducing waste and optimising resource use which controls costs while enabling us to meet regulatory and environmental standards.

Partnerships

We have good relationships with the private rented sector, landowners and government bodies. These collaborations provide us with access to key development sites, shared resources and funding opportunities, while also facilitating compliance with regulations. By working together, we can expand project pipelines, improve delivery efficiency and meet housing demand, driving growth and long-term profitability.

Financial resources

Financial resources are a critical component enabling investment in land, development and construction. We have a diverse capital structure ensuring flexibility and resilience. We adopt a prudent approach to risk and have a disciplined cash management approach which helps us maintain financial stability, supports sustainable growth and ensures the Group can weather market fluctuations.

The financial structure of the Group prioritises maintenance of the balance sheet, supported by diverse financing. Rigorous cash management ensures liquidity and operational efficiency. Our capital allocation strategy focuses on sustainable growth by investing in the business and acquiring land, while maximising dividends for shareholders. This balanced approach underpins our long-term financial stability and commitment to delivering shareholder value.

divisional structure

The Group operates through regional divisions, each handling local developments and construction. There are two central divisions, one specialising in strategic land acquisitions and supporting projects through the planning process, and the new Special Projects division which focuses exclusively on fire remediation and legacy sites.

OUR STAKEHOLDERS

INVESTORS

Compelling investment proposition setting out how we realise value from our high quality portfolio of assets.

CUSTOMERS

Five-star customer experience with quality products in desirable locations.

OUR PEOPLE

Investing in people to develop the skills that we need and enhancing our reputation as an employer of choice.

SUPPLIERS

Being a long-term and trusted partner to suppliers and subcontractors.

COMMUNITIES AND THE ENVIRONMENT

Creating a positive environmental and social legacy through strong community relationships and investment in social infrastructure.

GOVERNMENT AND OTHER BODIES

Regular engagement with Government to understand its priorities and to share our expertise to support effective regulation.

HOW WE CREATE VALUE FOR OUR STAKEHOLDERS