North's biggest house builder to expand into the Republic
THE north's largest house building company has announced it is to expand operations into the Republic as part of its next phase of growth.
Construction veteran Kevin Lagan, who sold off most of his Lagan Group assets to Breedon in a £455 million deal earlier this year, has outlined plans for the targeted and sustainable growth of his retained companies, including Lagan Homes.
As the north's biggest house building company it delivers homes across Northern Ireland and Britain, but now will target a lucrative new market as part of ongoing expansion.
"We look forward with confidence to the next phase of its growth, including expansion into the Republic of Ireland market," Mr Lagan said
"We operate the largest house building business in Northern Ireland, which has a significant high-quality land bank to underpin its medium-term growth plan. We are actively seeking development opportunities across all three regions."
Mr Lagan was speaking at the launch of his new investment arm, Lagan Investments, which has already completed deals in Belfast, Dublin and London.
“Lagan Investments is our family investment vehicle, led by my sons, Peter and John. Our objective is to take a flexible approach to seeking opportunities across a variety of sectors, both locally and internationally. Lagan Investments has already injected capital into several diverse sectors including real estate, distribution and tourism," he said.
Mr Lagan's third business, Limavady manufacturer, FastHouse is also looking ahead with optimism, having enjoyed "considerable growth" since its inception in 2016. The company, which manufactures modular timber frame systems, is nearing completion on a major contract to to supply 466 holiday lodges at the eagerly-awaited Center Parcs in Longford.
"Our local workforce has risen substantially in response to increasing demand for our products, notably in the residential housing market."
"There are exciting times ahead and I will remain involved in all of the businesses, supported by an in-house team of multi-disciplinary professionals, with decades of experience in acquisitions and investment," Mr Lagan added.
Lagan Group was formed in the 1960s on the outskirts of Belfast by Peter Lagan, when he opened his first quarry at Whitemountain.
His two sons, Kevin and Michael, took over the running of the business, expanding the group aggressively, though they have since gone their separate ways in business.
UK construction group, Breedon, which is based in Leicestershire (and is listed on the AIM market) acquired Lagan Group assets; Whitemountain, Lagan Cement, Lagan Brick, Lagan Asphalt and Welsh Slate in April.