Galliard founder eyes company sale
The owner of Galliard, London’s largest private residential developer, is exploring a sale of the business.
Stephen Conway has appointed Jefferies to sell a stake in the company.
Conway co-founded Galliard in 1990 with partner John Black. In three decades he has grown the portfolio to £3.95bn across 35 projects at March 2020, with 6,905 homes under construction and more than 10,000 in planning.
The owner of Galliard, London’s largest private residential developer, is exploring a sale of the business.
Stephen Conway has appointed Jefferies to sell a stake in the company.
Conway co-founded Galliard in 1990 with partner John Black. In three decades he has grown the portfolio to £3.95bn across 35 projects at March 2020, with 6,905 homes under construction and more than 10,000 in planning.
The business has been valued at between £600m to £1bn, according to reports from Sky News.
Galliard has predominantly focused on prime central London luxury development, but spread to outer London and Birmingham as the market started to heat up around 2014.
At the start of the year, Conway told EG that in wake of Brexit certainty and the Conservative re-election, the developer anticipated a “London bounce” and would seek to do more in zone one again.
Galliard has since explored sales of non-prime schemes, including Cantium Retail Park on Old Kent Road, SE1, and Birmingham’s Soho Loop.
Conway and family are the majority owner of Galliard, holding 85% of the company. In 2015, Singaporean developer Oxley took a stake in the housebuilder and sold to Frogmore (FREP IV H1) in May this year. In 2019, Cain International exercised a warrant to acquire 10% of the group for £27.7m.
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