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The Larkfleet Group has sold off its home building activities to new owners.
The global investment management company Pimco has taken over a number of areas of the business from Karl and Helen Hick.
The new company will continue to trade under the brand names Larkfleet Homes and Allison Homes.
Its current chief executive officer, John Anderson, and chief financial officer, Alastair Gordon Stewart, will remain in place to lead the company under its new ownership.
The company said the move is part of its ambitious growth plans.
A spokesman said: “Pimco will back the existing management team with significant investment to help deliver the business’s ambitious strategy to deliver more than 2,000 homes a year within the next five years, maintaining a focus on the delivery of high-quality developments using innovative technology and construction methods.
“Pimco’s decision to purchase the company reflects the heritage of the brand that Karl and Helen Hick have built over 20 years, creating the platform for significant further growth, and the strength and experience of the senior management team.”
The sale covers all the house-building activities of Larkfleet Group.
Karl Hick will remain as an advisor to the new company to help the transition. He will also retain a financial interest in major existing housing projects.
Karl and Helen will retain all the non-home building interests of the Larkfleet Group and will continue their work supporting community and charitable projects, particularly the recently formed Karl and Helen Hick Charitable Trust.
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