Contractor plans to float Willmott Residential, Building understands
Willmott Dixon is considering plans to float its newly-launched residential business just weeks after setting it up.
A source close to Willmott Dixon told Building the firm intends to float Willmott Residential on the stock exchange as it looks to downsize after putting its support services division up for sale.
The source said: “They’re going to float it. They’re disposing of energy services, you can see they’re really scaling down.”
It comes less than two weeks after Willmott Dixon announced it was launching Willmott Residential and had recruited former Berkeley Group finance director Nic Simpkin to lead it.
The business combines the firm’s two development arms, Prime Place and Be:Here, along with its housebuilding division, Willmott Partnership Homes.
At the time, the contractor said its new business already had a significant presence in the market, developing homes for sale through Prime Place and private rent through Be:here, with 5,000 units on site or in planning.
In addition, it said its housebuilding division already builds on average 2,000 homes a year.
Willmott Dixon has been contacted for comment.