Keepmoat Limited (“Keepmoat”), the national market leader in community regeneration and housing solutions, today announces the successful refinancing of the Group together with management changes.
Keepmoat was formed in March 2012 following the merger of Apollo and the Keepmoat Group of companies (Bramall Construction, Keepmoat Homes, Keepmoat Limited, Frank Haslam Milan and Milnerbuild). Keepmoat currently employs 3,200 people and operates from 22 offices across Britain.
Keepmoat is now owned in a partnership between management and Lloyds Banking Group. The Group’s debt has been significantly reduced and the maturity of the debt facilities has also been extended for a term of six years at an improved margin. In addition, Keepmoat has a new £125 million revolving credit facility, an increase of £50 million to allow it to take advantage of market opportunities.
As a result of the merger Keepmoat has been able to bid on a number of national frameworks. The Group has also been successful in winning business from new and existing customers and has continued its strong record of delivery and working in partnership with local authorities and registered providers.
Following the merger, integration and successful refinancing, Ian Sutcliffe has decided to step down from the business. Dave Sheridan, previously Head of Keepmoat’s Northern business, and prior to that CEO of Apollo, has become Chief Executive Officer of Keepmoat. James Thomson is Chief Financial Officer, David Bridges Chief Operational Officer and Peter Hindley will run Homes. Peter Warry will continue as Chairman and Aidan Birkett as a non-executive director.
Commenting on today’s announcement, Keepmoat Chief Executive Dave Sheridan said: “The integration is substantially complete and following the refinancing we have the financial strength and flexibility to ensure that we continue our track record of delivery and working in partnership with our clients.