Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Swan Hill joins Audley Court to develop retirement homes

FINANCE

HOUSE builder Swan Hill is teaming up with developer Audley Court to build warden controlled housing for the elderly.

Anton Bilton's Raven Mount group bought Swan Hill a year ago but an £18.1 million pension deficit scuppered plans to re-sell the business.

Mr Bilton explained: 'There are about 70 units a centre and we hope to be building between 50 and 70 centres within seven years.

'We will keep these centres as there will be a regular income from operating them.'

To boost Swan Hill's landbank, Raven Mount is buying developer Raven Group, which is owned by Mr Bilton and partner Bim Sandhu.

Raven Group made a £900,000 pre-tax profit on £8.8 million turnover in the year to April 2004 and has total assets of £9.2 million.

The acquisition values the business at £22 million, which will be paid in new Raven Mount shares.