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Barratt Redrow
Barratt Redrow plc is one of the largest residential property development companies in the United Kingdom operating across England, Wales and Scotland. It is a constituent of the FTSE 100 Index. It was originally based in Newcastle upon Tyne, England, but is presently located at David Wilson's former offices in Coalville, England.
Barratt was originally founded in 1958 by Lewis Greensitt and Sir Lawrie Barratt as Greensitt Bros. to build houses. During 1968, the company, which had by then been renamed Greensitt & Barratt, was floated on the London Stock Exchange. Following Lewis Greensitt's departure, the company was rebranded as Barratt Developments. It grew rapidly during the 1970s, largely due to a spree of acquisitions. By June 1983, Barratt was the largest housebuilder in the country, selling a record 16,500 houses over the prior 12 months. Sales more than halved during the mid-1980s, a trend that was partly attributed to public criticism of Barratt's practices in two successive ITV World in Action programmes. In response, Barratt was heavily restructured, abandoned timber-framed construction in favour of a new product range, and de-emphasised its starter homes activities.
While Barratt Developments has almost exclusively focused on the British market, the overseas subsidiary Barratt American was established in the 1980s; it was eventually sold on via a management buyout in 2004. Barratt Developments was heavily impacted by the early 1990s recession, compelling Lawrie Barratt to return to active management and house production to be increased. During 2007, Barratt made its first acquisition in almost 30 years, purchasing Wilson Bowden for £2.7 billion, which enabled Barratt to become the biggest homebuilder in Britain once again. Amid the economic effects of the Great Recession, the firm had to write-off nearly £600 million along with 700 job losses and restructure its finances. During 2012, Barratt Residential Asset Management was established to provide property management services on a non-profit basis across Barratt London developments; it was acquired by FirstPort seven years later. On 7 February 2024, the company made an agreed offer to acquire rival homebuilder Redrow for £2.5 billion; the deal was concluded in October 2024, when the firm became known as Barratt Redrow.
In 1953, Lawrie Barratt, an accountant who was frustrated at the high purchase prices of houses for first-time buyers, bought five acres of land at Darras Hall, near Newcastle upon Tyne and built his own home on the site. Following this experience, he joined forces with Lewis Greensitt, a Newcastle builder, to establish a house building business, which was initially known as Greensitt Brothers, in 1958.
During 1968, the company was floated on the London Stock Exchange as Greensitt & Barratt, by which time the company was building 500 homes per year and the growth plan had been "fully achieved". Lewis Greensitt left shortly after the flotation and in 1973 the company was renamed Barratt Developments. Throughout the 1970s, Barratt completed a series of acquisitions, transforming the company from a local housebuilder to a national firm building around 10,000 houses per year, and rivalling George Wimpey in size. The largest of these acquisitions were the Manchester-based firm Arthur Wardle and the Luton-based Janes.
Central to Barratt's expansion was its high-profile marketing, with national advertising, featuring Patrick Allen and a helicopter. Barratt provided starter homes for the first-time buyer and offered part-exchange to those trading up. In the year to June 1983, Barratt sold a record 16,500 houses, making it by far the largest housebuilder in the country. In 1983 and 1984, Barratt was subject to two successive ITV World in Action programmes, the first criticising timber-framed housing and the latter, starter homes. Within two years, unit sales had more than halved. Lawrie Barratt led a total restructuring of the company, abandoning timber-framed construction, launching a new product range, and concentrating on the more profitable trade-up market. In the late 1980s, Margaret Thatcher famously purchased a house on one of Barratt's most upmarket estates, in Dulwich, London.
During the 1980s, the company established the Californian-based business Barratt American, which expanded outside of the state after positive performance during the early 1990s. In 2004, the company sold Barratt American via a management buyout in exchange for £91 million; at the time, it was Barratt's only overseas unit and management opted to focus on the UK market instead.
The company was heavily impacted by the early 1990s recession. Barratt's fiscal circumstances led to Lawrie Barratt being recalled from retirement. The company promptly reoriented towards first time buyers and increased production. Lawrie retired for good in 1997 and remained life president of the firm until his death in December 2012.
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Barratt Redrow
Barratt Redrow plc is one of the largest residential property development companies in the United Kingdom operating across England, Wales and Scotland. It is a constituent of the FTSE 100 Index. It was originally based in Newcastle upon Tyne, England, but is presently located at David Wilson's former offices in Coalville, England.
Barratt was originally founded in 1958 by Lewis Greensitt and Sir Lawrie Barratt as Greensitt Bros. to build houses. During 1968, the company, which had by then been renamed Greensitt & Barratt, was floated on the London Stock Exchange. Following Lewis Greensitt's departure, the company was rebranded as Barratt Developments. It grew rapidly during the 1970s, largely due to a spree of acquisitions. By June 1983, Barratt was the largest housebuilder in the country, selling a record 16,500 houses over the prior 12 months. Sales more than halved during the mid-1980s, a trend that was partly attributed to public criticism of Barratt's practices in two successive ITV World in Action programmes. In response, Barratt was heavily restructured, abandoned timber-framed construction in favour of a new product range, and de-emphasised its starter homes activities.
While Barratt Developments has almost exclusively focused on the British market, the overseas subsidiary Barratt American was established in the 1980s; it was eventually sold on via a management buyout in 2004. Barratt Developments was heavily impacted by the early 1990s recession, compelling Lawrie Barratt to return to active management and house production to be increased. During 2007, Barratt made its first acquisition in almost 30 years, purchasing Wilson Bowden for £2.7 billion, which enabled Barratt to become the biggest homebuilder in Britain once again. Amid the economic effects of the Great Recession, the firm had to write-off nearly £600 million along with 700 job losses and restructure its finances. During 2012, Barratt Residential Asset Management was established to provide property management services on a non-profit basis across Barratt London developments; it was acquired by FirstPort seven years later. On 7 February 2024, the company made an agreed offer to acquire rival homebuilder Redrow for £2.5 billion; the deal was concluded in October 2024, when the firm became known as Barratt Redrow.
In 1953, Lawrie Barratt, an accountant who was frustrated at the high purchase prices of houses for first-time buyers, bought five acres of land at Darras Hall, near Newcastle upon Tyne and built his own home on the site. Following this experience, he joined forces with Lewis Greensitt, a Newcastle builder, to establish a house building business, which was initially known as Greensitt Brothers, in 1958.
During 1968, the company was floated on the London Stock Exchange as Greensitt & Barratt, by which time the company was building 500 homes per year and the growth plan had been "fully achieved". Lewis Greensitt left shortly after the flotation and in 1973 the company was renamed Barratt Developments. Throughout the 1970s, Barratt completed a series of acquisitions, transforming the company from a local housebuilder to a national firm building around 10,000 houses per year, and rivalling George Wimpey in size. The largest of these acquisitions were the Manchester-based firm Arthur Wardle and the Luton-based Janes.
Central to Barratt's expansion was its high-profile marketing, with national advertising, featuring Patrick Allen and a helicopter. Barratt provided starter homes for the first-time buyer and offered part-exchange to those trading up. In the year to June 1983, Barratt sold a record 16,500 houses, making it by far the largest housebuilder in the country. In 1983 and 1984, Barratt was subject to two successive ITV World in Action programmes, the first criticising timber-framed housing and the latter, starter homes. Within two years, unit sales had more than halved. Lawrie Barratt led a total restructuring of the company, abandoning timber-framed construction, launching a new product range, and concentrating on the more profitable trade-up market. In the late 1980s, Margaret Thatcher famously purchased a house on one of Barratt's most upmarket estates, in Dulwich, London.
During the 1980s, the company established the Californian-based business Barratt American, which expanded outside of the state after positive performance during the early 1990s. In 2004, the company sold Barratt American via a management buyout in exchange for £91 million; at the time, it was Barratt's only overseas unit and management opted to focus on the UK market instead.
The company was heavily impacted by the early 1990s recession. Barratt's fiscal circumstances led to Lawrie Barratt being recalled from retirement. The company promptly reoriented towards first time buyers and increased production. Lawrie retired for good in 1997 and remained life president of the firm until his death in December 2012.