Gladedale put up for sale

摘要

The former Gladedale business has appointed investment banker Rothschild to conduct an auction of the £166m turnover firm. The housebuilder, which is now known as Avant Homes following a re-branding in August this year, is 100% owned by Lloyds Bank. It is understood the business is being eyed by a number of private equity firms, with Lloyds expecting to net £100m from the sale. Lloyds, which took ownership of the firm following a debt for equity swap in 2010, refinanced the company last year, giving it £456m of new banking facilities, the majority of which last until the middle of 2014. Avant Homes, which operates mostly in the North, turned over £660m in 2007 but, hit by the credit crunch, lost £171m in 2009. Both Avant Homes and Rothschild declined to comment.