Business

Lisburn housing firm secures £10m in new equity

The Ballantine Garden Village in Lisburn, developed by WJ Law
The Ballantine Garden Village in Lisburn, developed by WJ Law The Ballantine Garden Village in Lisburn, developed by WJ Law

LISBURN developer WJ Law Contracts, which has been operating for more than a century but has recently been fighting to stave off administration, has secured £10 million in a new equity partnership arrangement with Co Down property investment and development company Wirefox.

It comes after parent firm WJ Law & Co prepares to formally enter administration today as part of a managed process with their only debtor Danske Bank, which has approved of the new equity partnership with Wirefox.

Holywood-based Wirefox, which brings investment, asset management and property experience to the partnership, will add their land to WJ Law’s portfolio as well as equity for new projects.

WJ Law's executive chairman David Law said: “We are delighted to announce this exciting new partnership of the WJ Law culture and competencies with the capital and team ethos of Wirefox.

"The partnership marries the very best of WJ Law’s century-long local experience of bespoke building for discerning customers with the broader UK wide experience of Wirefox.

"And as well as securing jobs and the delivery of more high quality homes in Northern Ireland, the partnership represents the opportunities available to family businesses from new funding models. Together we look forward to growing our 112-year-old family business.”

Wirefox's offices are at High Street in Holywood, and the company previously traded as Blackcube Developments.

WJ Law Contracts have been behind many of the north’s most highly regarded housing schemes since their inception back in 1903, including the multi award-winning Ballantine Garden Village in Lisburn, which features a mixture of family homes as well as bespoke homes for older people.

The company's work has been recognised by the National House Building Council in their annual awards twice in recent years.