Derry house builder lands multi-million pound investment from BGF for growth
A Londonderry house builder has landed a multi-million pound investment to boost its expansion plans.
Weekly Business Digest Newsletter
Braidwater received the investment from the Business Growth Fund (BGF). It's already received backing from the fund.
The company said the investment will be used to support the development of residential properties across multiple sites Braidwater already has in its land bank, and to purchase new sites.
It will break ground and begin to develop as many as three new sites this year. It comes as BGF officially opened a permanent office in Belfast.
BGF provides capital to businesses with revenue between £5m and £100m, in exchange for a minority stake.
Braidwater's managing director, Joe McGinnis, said: "We are delighted that BGF has chosen to follow its initial investment in the company after working closely with us over the past two years.
"BGF's long-term approach and its input to the business has been invaluable for our development.
"The investment will help Braidwater to pursue continued growth across Northern Ireland and also to increase awareness of the business in and around Belfast.
"Turnover is growing, our staff numbers have increased from 12 to 46 in only a few years and the pipeline of activity for 2018 looks good."
Paddy Graham, BGF investor, said: "BGF's new office reflects our ongoing commitment to Northern Ireland, and long-term approach to backing businesses. We are very proud to be helping to support the growth of four companies in Northern Ireland - all of which have outperformed since our investment.
"We are looking forward to the next 12 months and beyond as we deepen our relationships and increase our activity across the province."