Housebuilder shifts to private housing
Published: 17 June, 2013
Hill Partnership is transforming itself into a 1,000-home-a-year private housebuilder.
The firm, which currently gets most of its revenue from social housing construction in the South East, saw turnover fall 15 percent for 2012 to £154m, generating a pre-tax profit of £7.3m, down 9 percent on 2011.
However, turnover at the company’s private housebuilding subsidiary Hill Residential more than doubled, from £17m to £38.4m in 2012, under a strategy designed to turn the company into a major regional housebuilder.
Last year the firm set itself a course to build a £450m turnover business by 2016, of which over 50 percent would be from developing private housing. If successful, the group would develop up to 1,000 homes for private sale each year, on top of up to 2,000 homes constructed for social landlords.