27 June 2019
Barratt Developments PLC
Acquisition of Oregon Timber Frame Limited
Barratt Developments PLC ('Barratt') is pleased to announce the acquisition of 100% of Oregon Timber Frame Limited ('Oregon'), one of the UK's largest timber frame manufacturers.
In 2018 Barratt announced new targets of volume growth of 3-5% over the medium term, supported by a target of building at least 20% of its homes using an element of offsite construction, including timber frame, by 2020.
Over the last three years, Barratt has built c.5,500 homes using timber frame construction. It currently uses timber frame in the majority of residential properties it builds in Scotland and is increasing its use across England and Wales.
Oregon is one of Barratt's key timber frame suppliers providing high quality products and excellent customer service. Following the acquisition Oregon will remain based in Selkirk, Scotland where its experienced management team will continue to lead the business, complementing the Barratt operations in Scotland.
The acquisition has no material effect on the Board's expectations for the financial year.
Steven Boyes, Chief Operating Officer, Barratt Developments PLC, commented:
"We are delighted to announce that we have successfully acquired Oregon Timber Frame, one of the leading timber frame manufacturers in the UK.
"Barratt is committed to increasing the number of homes we build using offsite construction as part of our overall volume growth aspirations and to mitigate the current skills challenges facing the industry. Oregon is the perfect company to help us do that, with a highly experienced management team, a skilled workforce and a high quality product."
Rod Lawson, Chairman, Oregon Timber Frame Limited, commented:
"We're very proud of what we have achieved over the last two decades, building a successful company with a fantastic workforce. Now we welcome the next chapter with Barratt who are as committed to quality as we are and have exciting plans for the future of both of our businesses."
Barratt Developments PLC
Jessica White, Chief Financial Officer 01530 278 259
Analyst / investor enquiries
Jenny Matthews, Investor Relations 020 7299 4894
Media enquiries
Derek Harris, Head of Public Relations 020 7299 4873
Tim Collins, Head of Corporate Communications 020 7299 4874
Brunswick
Jonathan Glass/Wendel Verbeek 020 7404 5959
Notes to editors
Barratt Developments plc sold 17,579 homes in the year to June 2018, making it the biggest housebuilder by volume in Britain. Barratt is committed to building quality homes and this year received more NHBC Pride in the Job awards than any other housebuilder and was awarded 5 stars by the HBF for customer satisfaction for the tenth year in a row. For more information visit www.barrattdevelopmentsplc.co.uk
Oregon, established in 1998, is one of the UK's largest timber frame manufacturers specialising in the design, manufacture and erection of high quality timber frame structures for the construction industry. Based in Selkirk in the Scottish Borders, it operates from factories there and in Burton upon Trent in Staffordshire, manufacturing more than 2,000 units each year with around 170 employees. For more information visit: www.oregon.co.uk
