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    Appleby flood scheme work to pause for town’s horse fair

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    Lucy plays key role in county T20 triumph

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    Gold for Keith in annual festival of orienteering

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    Cumberland and Westmorland wrestlers head to European championships

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    Dedicated Eden football volunteer wins major award

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    Buyer beware: Over £500,000-worth of fake products seized at last year’s Appleby Horse Fair

    Buyer beware: Over £500,000-worth of fake products seized at last year’s Appleby Horse Fair

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    Ten fire crews battle Cumbrian wildfire for over eight hours

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    Turning 75: the impact on tax-free cash, pension tax relief and death benefits

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    Appleby Horse Fair 2025: ‘Extensive’ police measures in place

    Man exposes himself near Penrith car park

    Man exposes himself near Penrith car park

    £7m for two major Penrith projects

    £7m for two major Penrith projects

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    Appleby flood scheme work to pause for town’s horse fair

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    Man arrested after police drugs raid in Penrith

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    Man fined after abandoning car at Penrith Railway Station for several weeks

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    New boss revealed for Penrith AFC

    Penrith Panthers celebrate winning season

    Penrith Panthers celebrate winning season

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    Darren Edmondson leaves Penrith AFC

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    Lucy plays key role in county T20 triumph

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    Gold for Keith in annual festival of orienteering

    Cumberland and Westmorland wrestlers head to European championships

    Cumberland and Westmorland wrestlers head to European championships

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    Kirkby Stephen Hockey Club win league title

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    Dedicated Eden football volunteer wins major award

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    10-year-old footballer Casper Ostrowski snapped up by Morecambe

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This article appears as part of a paid partnership with HGP & Genesis Homes

New £15 million partnership to help Cumbrian housebuilder grow

by CWH
16 December 2021
in Latest, Property, Sponsored
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Housing Group Partnership and Genesis Homes are pleased to announce that Genesis will be one of the first HGP partners in the newly establish Regional Growth Initiative which forms part of HGP’s newly created £300 million property fund.   

Genesis Homes is a Penrith-based housebuilder, established in 2017 to deliver quality family homes, with the vision to lead the way in the creation of quality, vibrant and welcoming housing developments in our region. 

Genesis is focused on delivering two-storey family housing in well-connected semi-rural locations that have an identified housing need. 

Genesis has a well-established house type range which has been refined and improved using ongoing customer feedback and sales performance data.   

Genesis’s acquisition of Russell Armer Homes in April has further underlined their growth ambitions and allows them to enter the South Lakes residential market with a well respected and sought after brand. 

The RGI is a five-year commitment that will see HGP investing up to £15m of equity alongside Genesis in residential developments across Cumbria and the South Lakes to allow them to target and purchase larger strategic development sites and grow into an established regional housebuilder.   

Since 2018, HGP has provided Genesis with equity commitments of £9.1m across seven development schemes, totalling 251 units, helping Genesis grow from delivering 10 units in its first full financial year to 75 units and revenue in excess of £20m in 2020. 

With the implementation of the RGI partnership, Genesis is well placed to meet its target of delivering over 180 units per annum from 2025 onwards. 

‘Partnership gives us additional confidence’

Nicky Gordon, managing director of Genesis Homes, said: “The RGI has allowed us to utilise our equity in progressing a larger number of schemes and it provides us with additional confidence to grow our business through this reassurance that our equity can go further.

“The sharing of speculative time delay risk in the planning and pre-start process is also of significance in that we know that our entire equity is not trapped in specific schemes that may experience a delay in commencement. The streamlining of legal and due diligence processes is also notable.“ 

John McKeon, investment director of HGP, added: “HGP has supported Genesis for four years and been extremely impressed with the schemes delivered and the quality of the team that Nicky has built.

“It is with businesses like Genesis in mind, with strong capabilities, an ambition to increase their output and a strong local community focus, that we have developed the Regional Growth Initiative.  

“We look forward to continuing our support of Genesis as Nicky and the team look to deliver on their growth plans over the coming years and we look forward to rolling out the Regional Growth Initiative with further established partners.”  

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