Mark Mitchell returns to housebuilding with new venture Honey
The former chief executive of Avant Homes has announced he has setup a new housebuilding venture backed by private equity firm Alchemy Partners.
Mark Mitchell, who left the Yorkshire firm earlier this year following its sale to Berkeley de Veer, today announced the new business, which is called Honey. It will seek opportunities to buy land at competitive prices and develop new homes
The new Sheffield-based firm has agreed initially to acquire two sites in South Yorkshire and Derbyshire to deliver a total of 141 homes with a combined gross development value of £40m.
Honey is also in advance discussions on two other sites in the same regions which could deliver a further 148 news homes with a combined GDV of £47m. It is anticipated that the average selling price of Honey homes will be £300,000. He added house types will accommodate the Future Homes Standard.
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Mitchell said: “It’s great to be launching Honey. I can now start realising my vision for building new homes that will deliver a combination of style, substance and sustainability that will be unmatched at its price point.”
Alchemy Partners , which previously worked with Mitchell at Avant, is a private equity fund that manages more than £1.5bn of funds from investors. It is more widely known in the market for investing in underpeforming businesses or in distressed debt situations, but it also invests in new businesses like Honey.
Mitchell departed £500m-turnover Avant only a year after it was taken over by Berkeley de Veer, which is led by former Persimmon boss Jeff Fairburn.
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