Cussins, a house builder based in the North East, received a £5m investment from BGF in December 2014. For almost a century, three generations of the Cussins family have built more than 50,000 houses in landmark developments across the North East.
BGF's capital was used to support new site acquisition and housing developments including sites at Longframlington, Warkworth and Longhorsely.
As part of the investment, Mike Stansfield, the former CEO of David Wilson Homes was introduced to the business by BGF, and was subsequently appointed as Chairman. BGF investor Richard Taylor joined the board of Cussins as non-executive director.
In October 2016, Northumberland Estates acquired a minority stake in the business for an undisclosed sum, while the Cussins family remain majority owners of the business. At the same time, BGF exited its investment in Cussins.
During BGF's tenure as investors in the company, turnover more than trebled and the exit delivered a strong return for all shareholders.
Jabin Cussins, Cussins CEO said: “We enjoyed tremendous support from BGF and we could have happily continued our growth plans with their backing. At the same time, they wholly supported our decision to progress to the next stage of our development alongside Northumberland Estates.
“BGF’s original equity funding immediately helped us to secure a significantly larger bank facility, which helped us accelerate our development plans. The growth we have demonstrated since, and the prospects for Cussins today, are testament to impact that BGF has had.”