Belfast Telegraph

Project Clear buyer develops 12 sites

By Staff Reporter

Irish house builder Cairn Homes is to start developing a further 12 sites over the next year as the company looks to increase its output.

The firm - which snapped up Ulster Bank's Project Clear portfolio alongside Lone Star in December last year - has 27 separate sites as part of its main portfolio.

Cairn Homes chief executive Michael Stanley said the company had completed its acquisition phase and is looking to up its housebuilding operations.

"We have assembled a talented and experienced team to drive forward with our plans. We are currently building new homes on five sites, with a further five developments commencing within the next 12 months," Mr Stanley said in a statement.

"By mid-2017, we will support over 1,000 construction jobs, including apprentices, leveraging the substantial economies that we will benefit from as a home builder of significant scale.

Mr Stanley was speaking as Cairn posted its interim results for the first half of 2016.

Revenue was €16m (£13.7m) with gross profit €2.6m (£2m).

by staff reporter

Belfast Telegraph