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Untypical

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Untypical (originally Kier Living, part of the Kier Group, and later Tilia Homes) is a British housebuilding company.

Untypical
Industryhouse-building
PredecessorKier Living, then Tilia Homes
Founded1 June 2021
Headquarters
Solihull
,
England
Key people
Chris Severson (Chairman)
Philip Chapman (Chief Operating Officer)
Number of employees
380 (2024)
ParentTerra Firma Capital Partners
Websitewww.tiliahomes.co.uk

History

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Following a failed rights issue during late 2018, financially troubled Kier Group began an extensive restructuring, debt reduction, cost-cutting and disposals programme in 2019; after the firm received significant interest in its housing division Kier Living, it opted to start the sale process.[1] Terra Firma Capital Partners was one of several parties that opted to place a bid.[2] The sale of Kier Living was slowed by the COVID-19 pandemic but by early 2021 progress picked up. Kier publicly stated that it aimed to receive around £100 million for the business.[3]

 

On 6 April 2021, Sky News confirmed that Kier Living would be acquired by Terra Firma for £110 million,[4] subject to agreement at a meeting of Kier shareholders in early May, with completion expected by mid-June 2021.[5][6] Kier Living was bought by a new company owned by Hands,[7] and was rebranded as Tilia Homes in May 2021.[8][9] The business completed over 1,100 private and affordable homes in the year to June 2020.[8][9] It built 1,450 homes across its central, eastern, northern and western regions in the year to June 2021.[10]

In July 2021, Terra Firma submitted a £700 million bid to purchase Keepmoat Homes, which it envisioned combining with Tilia Homes.[11][12] However, Keepmoat was acquired by rival company Aermont Capital instead.[13] Months later, Terra Firma planned to acquire another house builder, Hopkins Homes, which it had tentatively valued at around £300 million.[14] The acquisition was completed in January 2022.[15]

During late 2021 and early 2022, various changes amongst Tilia Homes' senior management were made, including the appointment of Andrew Hammond as divisional managing director and the departure of chief operating officer Mike Coker after less than a year with the firm.[16][17]

In October 2024, Terra Firma announced it was merging Tilia Homes with its Hopkins Homes subsidiary, the largest privately-owned housebuilder in East Anglia.[18] The merged business was named 'Untypical'.[19][20]

References

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  1. ^ Prior, Grant (1 August 2019). "Kier close to selling housing division". Construction Enquirer. Retrieved 1 August 2019.
  2. ^ Kleinman, Mark (9 December 2020). "Tycoon Hands wants to build new home with ailing Kier". Sky News. Retrieved 7 January 2020.
  3. ^ Morby, Aaron (19 January 2021). "Kier continues to battle with high debts". Construction Enquirer. Retrieved 19 January 2021.
  4. ^ Kleinman, Mark (6 April 2021). "Kier on brink of housebuilding arm sale to financier Hands". Sky News. Retrieved 6 April 2021.
  5. ^ Prior, Grant (16 April 2021). "Kier agrees sale of housing business for £110m". Construction Enquirer. Retrieved 19 April 2021.
  6. ^ Rogers, Dave (28 May 2021). "Sale of housing arm clears way for Kier to pump £350m into business next month". building.co.uk.
  7. ^ "Kier sells house-building arm to Guy Hands". The Construction Index. 19 April 2021. Retrieved 19 April 2021.
  8. ^ a b Simpson, Jack (1 June 2021). "Kier completes £110m sale of housing business". Inside Housing. Retrieved 13 July 2021.
  9. ^ a b Quested, Tony (3 June 2021). "Kier Living homes in on fresh era after £110 million sale completes". Business Weekly. Retrieved 13 July 2021.
  10. ^ Brown, Carl (25 January 2022). "Tilia appoints former Persimmon and Linden exec as MD". Housing Today. Retrieved 13 May 2022.
  11. ^ Kleinman, Mark (13 July 2021). "Guy Hands eyes housebuilding empire with £700m Keepmoat bid". Sky News. Retrieved 14 July 2021.
  12. ^ Stein, Joshua (14 July 2021). "Kier Living buyer eyes £700m Keepmoat Homes acquisition". constructionnews.co.uk.
  13. ^ "Aermont Capital to pick up Keepmoat Homes for £700M". pitchbook.com. 5 August 2021.
  14. ^ Kleinman, Mark (29 November 2021). "Buyout tycoon Hands plots £300m takeover of East Anglia housebuilder Hopkins Homes". news.sky.com.
  15. ^ Clark, Derin (20 January 2022). "One of East Anglia's largest property builders is sold to investment firm". Eastern Daily Press. Retrieved 5 October 2024.
  16. ^ Brown, Carl (26 January 2022). "Private equity owner continues rejig at former Kier Living". building.co.uk.
  17. ^ Ord, Matthew (24 February 2022). "Regional MD in at Tilia Homes Western". insidermedia.com.
  18. ^ Rebeiro, Miles (2 October 2024). "Investment firm merges Tilia and Hopkins". constructionwave.co.uk.
  19. ^ "Hopkins and Tilia become Untypical". theconstructionindex.co.uk. 1 October 2024.
  20. ^ Prior, Grant (3 October 2024). "Another new name for former Kier Living housing arm". Construction Enquirer. Retrieved 5 October 2024.
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