House builder Countryside has revealed its intentions to float on the London Stock Exchange.

It is understood the company plans to raise £114 million through the move and will use £64m to reduce its debt.

In addition, £50m will be invested into the Group's development sites at Acton, Beaulieu, Hazel End and Rayleigh.

Ian Sutcliffe, Countryside's CEO, said: "Over the last two years our focus has been on strengthening the Group's core businesses of Housebuilding and Partnerships and enhancing volumes and returns.


"Today we are delivering significant growth in the sector, have a truly differentiated business model and are providing strong returns. In both our businesses we are focused on place-making.

"In Housebuilding, we are bringing strategically sourced land through the planning process in the South East. In Partnerships, now almost 50 per cent of Group revenue, we have 30 years' experience and benefit from a low risk model with excellent returns.

"We have outstanding visibility to support our three-year plan of growing to over 3,600 units per annum, with operating margins of over 17 per cent. and ROCE of over 28 per cent. for the Group.

"We look forward to the future with confidence."

Countryside was founded in 1958 by Alan Cherry and was initially listed on the London exchange in 1972 before it was sold in 2005 to Copthorn Holdings, a 50:50 joint venture between the Cherry family and the Bank of  Scotland.

In 2013, Oaktree invested in the company and took a majority stake.

(LM/MH)