Veteran investor Jack Petchey has expanded into the residential property market buying a 45% stake in Galliard Homes from outgoing chairman John Black for £75m.
Frogmore Property Company’s Paul White has also bought a 5% interest in the house building company with an option to increase his holding to 10% depending on the financial performance of the company.
White and Petchey have known each other for years and Petchey helped White fund the management buyout of Frogmore Estates in 2001.
Petchey is also a long-time friend of Black and Galliard managing director Stephen Conway.
Black and Conway met in the early 1970s when they were both working with First National Corporation and formed Galliard Homes in the early 1990s.
Petchey said he saw room for substantial growth within the Galliard operation which currently boasts over £1.2bn of residential pre-sales.
Galliard has carried out a number of regeneration schemes primarily in London, such as the County Hall, Butlers Wharf and The Shell Downstream Building – which it carried out in partnership with Frogmore.