Growing – and going public – even during uncertainty
26 Jan 2018
Countryside Properties already had a strong balance sheet, but it was planning a major growth initiative during a time of uncertainty in the UK economy and political sphere.
Against the backdrop of Brexit, Barclays co-led the IPO for Countryside, helping to frame Countryside’s potential to investors. The deal was finalised in February of 2016, providing more capital and financial clout to deliver on Countryside’s promise to create safe, appealing communities for a burgeoning population. Countryside is currently the fastest growing listed housebuilder in the UK, with 88 active sites in 2017.
Barclays were instrumental in forming our equity story.
Ian Sutcliffe, CEO, Countryside Properties
“We are significantly increasing our production by about 20% per annum,” says CFO Rebecca Worthington. “And we're able to do that because of the strong balance sheet including a primary equity raise at the time of our IPO, but also because we have strong funding partners, such as Barclays, within our debt facility.”
The IPO has “transformed our business,” says Sutcliffe. “It's given us greater capital to be able to deliver. It's allowed us the freedom to refinance the business and get a very flexible facility to support that growth.”
The success of Countryside shows how partnering with Barclays can grow good things – like homes.
Countryside’s mission is known as “placemaking” and it encompasses everything from building sustainably to creating green spaces to incorporating youth centres, medical facilities and shops into building plans.