Countryside Partnerships

The housebuilding business that became Countryside Properties was founded in 1958 by Alan Cherry CBE,{{cite web|title=History|url=https://www.countryside-properties.com/about-us/who-we-are/history/|website=Countryside Properties|access-date=22 January 2018}} who remained its chairman until his death in January 2010.[https://archive.today/20120802111713/http://www.insidehousing.co.uk/story.aspx?storycode=6508245 Countryside chair Alan Cherry dies], Inside Housing, 25 January 2010 His eldest son, Graham Cherry, was appointed to the board in 1984 and was chief executive from 1996; his youngest son Richard Cherry was appointed to the board in 1986 and was appointed deputy chairman in 2005.{{cite web|url=https://uk.reuters.com/business/quotes/companyOfficers?symbol=CSPC.L|archive-url=https://web.archive.org/web/20160806123654/https://uk.reuters.com/business/quotes/companyOfficers?symbol=CSPC.L|url-status=dead|archive-date=6 August 2016|title=Company officers: Countryside Properties|publisher=Reuters|access-date=11 June 2016}}

Alan Cherry, a chartered surveyor, began his career as an estate agent and was one of the founding partners of Bairstow Eves. In 1959, the four Bairstow partners formed Copthorn as a development business, with Alan Cherry running it part-time. One of the Bairstow clients was another developer, Countryside Properties, formed in 1958 by Solomon 'Bob' Bobroff, and in the late 1960s the two concerns began to work together.Wellings, Fred. Dictionary of British Housebuilders (2006), Troubador. {{ISBN|978-0-9552965-0-5}}. In 1972 Countryside acquired Copthorn and, with Bobroff as chairman and Alan Cherry as a joint managing director, Countryside was floated on the London Stock Exchange.[http://www.countryside-properties-corporate.com/about-us/history History] {{Webarchive|url=https://web.archive.org/web/20120208072013/http://www.countryside-properties-corporate.com/about-us/history |date=8 February 2012 }} on official website

The flotation was closely followed by a recession and in 1975 Countryside passed its final dividend. Bobroff had resigned in 1974, and the subsequent expansion was under the sole direction of Alan Cherry. He emphasised the importance of design and marketing and took the company into a series of very large sites, e.g. Chelmer Village and Chatham Maritime. In 2005, Alan Cherry sought to take the company private. A prominent investor, Paul Kemsley and Joe Lewis's Rock Properties, increased its stake to 28.5%, forcing Cherry to pay more for the company.{{cite web|url=http://business.timesonline.co.uk/tol/business/industry_sectors/media/article745385.ece|archive-url=https://archive.today/20110612142844/http://business.timesonline.co.uk/tol/business/industry_sectors/media/article745385.ece|url-status=dead|archive-date=12 June 2011|title=Tottenham Hotspur man becomes a player in online games|publisher=The Sunday Times|date=5 December 2005 |access-date=5 June 2009 | location=London}} Countryside was bought out by Copthorn Holdings Ltd, which was then jointly owned by the Cherry family and the Bank of Scotland, part of Lloyds Banking Group.[http://www.countryside-properties.com/about-us/who-we-are/history/ History] on official website

The company achieved record profits in the following two years, amounting to £27 million on a turnover of £430 million in the year ended September 2007.[http://www.contractjournal.com/Articles/2008/02/14/57783/countryside-properties-enjoys-record-27m-profit.html Countryside Properties enjoys record £27m profit]{{Dead link|date=November 2018 |bot=InternetArchiveBot |fix-attempted=yes }}, Contract Journal, 14 February 2008. Retrieved 5 June 2009. {{dead link|date=September 2011}}

However, the Great Recession affected housebuilders acutely, and the company recorded a loss of £22 million on sales of £312 million in the year to September 2008. Under a refinancing deal in October 2009, Lloyds took control of the company.

In 2013, Oaktree Capital Management purchased a majority share in the company, making a further capital injection. The Cherry family retain a minority stake, and Lloyds provided five-year loan facilities.{{cite web|title=Oaktree Capital Buys U.K.'s Countryside Capital From Lloyds|url=https://www.bloomberg.com/news/2013-02-26/oaktree-capital-buys-u-k-homebuilder-countryside-from-lloyds.html|publisher=Bloomberg|access-date=8 April 2013|author=Julie Miecamp|date=26 February 2013}} As of October 2014, former Keepmoat chief executive Ian Sutcliffe became the new executive chairman.{{cite web|url=http://www.constructionenquirer.com/2013/09/26/former-keepmoat-boss-appointed-countryside-chairman/|title=Former Keepmoat boss appointed Countryside chairman|work=constructionenquirer.com|access-date=29 March 2015}} In 2014 Oaktree acquired luxury home developer Millgate and merged it with Countryside, planning to double the company's size.{{cite web|url=http://www.building.co.uk/countryside-plans-to-double-following-merger-with-millgate/5066337.article|title=Countryside plans to double following merger with Millgate|work=Building|access-date=29 March 2015}}

Following this, the company rebranded as Countryside rather than Countryside Properties, adopting the slogan ‘Places People Love’.{{cite web|url=http://www.countryside-properties.com/about-us/who-we-are/history/|title=History|work=countryside-properties.com|access-date=29 March 2015}}

In 2015, Countryside announced further changes to its board of directors. David Howell, previously a non-executive director, became chairman, whilst Ian Sutcliffe assumed the role of group chief executive officer. Graham Cherry became CEO new homes and communities, whilst Richard Cherry became CEO partnerships.{{cite web|url=http://www.countryside-properties.com/media-centre/news-archive/2015/january/countryside-announces-david-howell-as-non-executive-chairman-with-ian-sutcliffe-changing-role-to-group-chief-executive-officer/|title=Countryside announces David Howell as Non-Executive Chairman with Ian Sutcliffe changing role to Group Chief Executive Officer|work=countryside-properties.com|access-date=29 March 2015}}

In February 2016 the company was the subject of an initial public offering on the London Stock Exchange.{{cite web|url=http://www.cityam.com/234487/countryside-pushes-ahead-with-1bn-ipo-and-share-price-rises-154-per-cent|title=Countryside pushes ahead with £1bn IPO - and share price rises 1.54 per cent|publisher=City AM |date=12 February 2016|access-date=28 March 2016}}

In November 2019, Ian Sutcliffe announced he was stepping down as CEO to be replaced by Ian McPherson from 1 January 2020.{{cite news |title=Countryside Properties appoints Iain McPherson as CEO designate |url=https://talent4boards.com/countryside-properties-appoints-iain-mcpherson-as-ceo-designate/ |access-date=13 January 2022 |work=Talent4Boards |date=21 November 2019}} In January 2022, McPherson was ousted after disappointing trading figures for the first three months of the financial year to December 2021 showed operating profit more than halved at £28m from £60m previously, on revenue down 28% to £429m. Peter Lee, a partner at US investment firm Browning West, one of Countryside’s largest shareholders, joined the board as non-executive director; Browning West had previously called for Countryside to be split into two parts to allow its Partnership business to thrive.

The company changed its name from Countryside Properties to Countryside Partnerships in January 2022.{{cite news|url= https://www.theconstructionindex.co.uk/news/view/countryside-takeover-battle-starts-to-get-warm |title=Countryside takeover battle starts to get warm|date=6 June 2022|newspaper=The Construction Index|access-date=17 September 2022}}

in May 2022, Countryside was the target of a takeover bid by Inclusive Capital Partners (In-Cap), a San Francisco-based hedge fund.{{cite news |last1=Prior |first1=Grant |title=US hedge fund makes move on house builder Countryside |url=https://www.constructionenquirer.com/2022/05/30/us-hedge-fund-makes-move-on-house-builder-countryside/ |access-date=30 May 2022 |work=Construction Enquirer |date=30 May 2022}} The Countryside board rejected this bid, but Browning West, which holds 15.3% of Countryside's shares, pressed the board to listen to offers,{{cite news |title=Countryside takeover battle starts to get warm |url=https://www.theconstructionindex.co.uk/news/view/countryside-takeover-battle-starts-to-get-warm |access-date=6 June 2022 |work=The Construction Index |date=6 June 2022}} and, on 13 June, the board relented.{{cite news |title=Countryside board agrees to sales talks |url=https://www.theconstructionindex.co.uk/news/view/countryside-board-agrees-to-sales-talks |access-date=13 June 2022 |work=The Construction Index |date=13 June 2022}} The company's non-executive chairman, John Martin, quit a month later.{{cite news |last1=Parsley |first1=David |title=Countryside chairman quits after housebuilder forced to put itself up for sale |url=https://www.propertyweek.com/news/countryside-chairman-quits-after-housebuilder-forced-to-put-itself-up-for-sale/5121284.article |access-date=14 July 2022 |work=Property Week |date=13 July 2022}}

In September 2022, UK homebuilder Vistry Group offered a £1.24 billion cash and shares deal to acquire Countryside.{{cite news |last1=Rogers |first1=Dave |title=Vistry to buy Countryside for £1.2bn |url=https://www.building.co.uk/news/vistry-to-buy-countryside-for-12bn/5119032.article |access-date=5 September 2022 |work=Building |date=5 December 2022}} The deal, backed by both boards and by five major shareholders at Countryside holding 39% of the company, will create one of the UK's biggest home builders with revenue of over £3bn. Countryside shareholders would receive 0.255 of a Vistry share for each of their shares plus 60p; if approved, the deal would be completed in early 2023.{{cite news |last1=Morby |first1=Aaron |title=Vistry to buy rival Countryside for £1.24bn |url=https://www.constructionenquirer.com/2022/09/05/vistry-to-buy-rival-countryside-for-1-24bn/ |access-date=5 September 2022 |work=Construction Enquirer |date=5 September 2022}} Vistry CEO Greg Fitzgerald said the Countryside brand would be retained if the takeover was approved by shareholders.{{cite news |last1=Gardiner |first1=Joey |title=Vistry to keep Countryside brand if £1.2bn merger goes ahead |url=https://www.building.co.uk/news/vistry-to-keep-countryside-brand-if-12bn-merger-goes-ahead/5119133.article |access-date=9 September 2022 |work=Building |date=8 September 2022}} In October 2022, Vistry published a timetable for the merger which was expected to complete on 11 November 2022.{{cite news |last1=Brown |first1=Carl |title=Vistry's takeover of Countryside to be wrapped up next month |url=https://www.building.co.uk/news/vistrys-takeover-of-countryside-to-be-wrapped-up-next-month/5119844.article |access-date=11 October 2022 |work=Building |date=11 October 2022}} The transaction was approved by the High Court on 10 November 2022,{{cite web|url=https://www.marketscreener.com/quote/stock/COUNTRYSIDE-PARTNERSHIPS-26304160/news/Countryside-Partnerships-Vistry-Merger-Gets-Court-Approval-Both-Stocks-Jump-42273450/|title=Countryside Partnerships-Vistry Merger Gets Court Approval; Both Stocks Jump|date=10 November 2022|publisher=Market Screener|access-date= 10 November 2022}} so allowing the transaction to complete the following day.{{Cite web|url=https://www.housingtoday.co.uk/news/vistrys-12bn-takeover-of-countryside-completes/5120392.article|title=Vistry's £1.2bn takeover of Countryside completes|first=Joey|last=Gardiner|website=Housing Today}}

Great Notley Garden Village is an extension to the town of Braintree, Essex, built over a decade starting in 1993. As well as almost 2,000 homes in three separate 'hamlets', it has a primary school, church, community centre, doctors' surgery, supermarket, chip shop and village green.Daisy Froud, [http://cultureandcommunication.org/deadmedia/images/f/fd/Thinking_homely.pdf Countryside Properties and the Shape of Time], University of London, 2002. Reprinted in Home Cultures Journal, 2004. Illustrated academic review of Great Notley Garden Village and Beaulieu Park, Chelmsford. The Village is cited as an example of Countryside's design philosophy of 'maturity' and 'community'.

Great Kneighton is located 3.7 km south of Cambridge between the village of Trumpington, Cambridgeshire and Addenbrooke's Hospital, and lies in the Cambridge Southern Fringe growth area. The overall development will eventually provide up to 2,250 new homes, extensive strategic open space, accompanying provision of education facilities, sports and recreation, health and community facilities and local shopping facilities. Forty per cent of the new homes will be affordable housing.{{cite web|url=http://www.greatkneighton.co.uk/index.php?public/great-kneighton/development-news/detail/4|title=Great Kneighton - Great Kneighton Latest News - Cambridge Homes & Lifestyle|work=greatkneighton.co.uk|access-date=29 March 2015|archive-url=https://web.archive.org/web/20150402164043/http://www.greatkneighton.co.uk/index.php?public%2Fgreat-kneighton%2Fdevelopment-news%2Fdetail%2F4|archive-date=2 April 2015|url-status=dead}}

The overall vision for Wickhurst Green is to provide an extension to the existing village of Broadbridge Heath, providing much-needed new homes and community facilities. At the heart of this new development will be a new primary school and village centre, creating the opportunity for new community and healthcare facilities. Integral to the development is the provision of a wide range of outdoor activities for sports and recreation. As well as local greens and landscaped spaces for informal recreation, residents will be able to enjoy two large neighbourhood play areas designed for a range of age groups, several formal sports pitches and courts with changing, parking and social facilities.{{cite web|url=http://www.wickhurstgreen.com/|title=Wickhurst Green - new homes in Broadbridge Heath, Horsham, West Sussex|work=wickhurstgreen.com|access-date=29 March 2015}}

Beaulieu is a sustainable urban extension to the North East of Chelmsford. Countryside are working in a joint venture with London & Quadrant to create a sustainable community on 850 acres in a highly accessible location between the A130 and the A12 at the Boreham Interchange. Key elements of the overall proposals include a mixed-use residential and commercial development providing up to 3,600 new mixed-tenure homes, and a site for a new railway station - one of only a handful of new station proposals in the UK which has full rail industry support.{{cite web|url=http://www.beaulieu.uk.com/|title=Beaulieu. A beautiful new housing development in Chelmsford, Essex.|work=beaulieu.uk.com|access-date=29 March 2015}}

Greenwich Millennium Village Limited, a joint venture between Countryside and Taylor Wimpey, won a government-initiated competition in February 1998 to transform the former site of Europe's largest gas works into a sustainable new community. It is one of the largest regeneration projects in Europe.[http://www.englishpartnerships.co.uk/gmv.htm Greenwich Millennium Village, London] {{webarchive|url=https://web.archive.org/web/20090526002952/http://www.englishpartnerships.co.uk/gmv.htm |date=26 May 2009 }} at English Partnerships website (2008) The Village won a sustainability award at the RIBA Housing Design Awards and a Civic Trust Award in 2004.[http://www.cabe.org.uk/case-studies/greenwich-millennium-village/info Greenwich Millennium Village] at CABE website 1,095 homes had been completed by 2008, and further phases are planned.

In 2008, Guinness Trust chose Countryside in 2008 as contractor for regeneration of the Loughborough Park Estate in Brixton, south London. The project includes replacing 390 homes built in the 1930s with 530 new homes and community facilities.{{cite news |last= Pitt |first= Vern |date= 20 October 2011 |title= Green light for £70m south London housing scheme |work= Building Magazine |url= https://www.building.co.uk/news/green-light-for-70m-south-london-housing-scheme/5026515.article |access-date= 3 May 2022 }}{{cite web |url= https://www.globaldata.com/store/report/guinness-loughborough-park-estate-regeneration-greater-london/ |title= Guinness – Loughborough Park Estate Regeneration – Greater London |date= 16 July 2018 |publisher= Global Data |access-date= 3 May 2022 }}

In 2017, it was reported that Countryside was selling properties with doubling Ground rent terms written into the leasehold contracts of purchasers,{{cite web|author=admin |url=https://www.leaseholdknowledge.com/countryside-selling-london-flats-mount-mill-hill-300pa-doubling-ground-rents |title=Countryside Properties is selling London flats at The Mount, Mill Hill, with £300pa doubling ground rents - Leasehold Knowledge Partnership |publisher=Leaseholdknowledge.com |date=1 January 2014 |access-date=23 March 2018}} such terms are considered by mortgage lenders such as Nationwide Building Society to be "unfair" and ones that they would be unwilling to lend on.{{cite web |url=https://www.nationwide.co.uk/about/media-centre-and-specialist-areas/media-centre/press-releases/archive/2017/5/05-protect-homeowners |title=Steps in to protect homeowners |publisher=Nationwide |access-date=23 March 2018 |archive-url=https://web.archive.org/web/20180223050753/https://www.nationwide.co.uk/about/media-centre-and-specialist-areas/media-centre/press-releases/archive/2017/5/05-protect-homeowners |archive-date=23 February 2018 |url-status=dead }} In light of increasing media coverage, Countryside signalled it would attempt to 'buy back' freeholds and amend terms for some leaseholders affected by 10 year doubling ground rents, by linking increases to Retail price index.{{cite web|author=admin |url=https://www.leaseholdknowledge.com/countryside-properties-plc-cracks-ground-rents-scandal |title=Countryside Properties plc cracks over ground rents scandal … - Leasehold Knowledge Partnership |publisher=Leaseholdknowledge.com |date=7 August 2017 |access-date=23 March 2018}} Subsequently, the government has turned attention to what it views as abuse of the Leasehold system and announced a raft of measures, including capping future ground rents at zero for future new build homes.{{cite web|url=https://www.gov.uk/government/news/crackdown-on-unfair-leasehold-practices--2 |title=Crackdown on unfair leasehold practices |publisher=GOV.UK |date=21 December 2017 |access-date=23 March 2018}}

In 2018, following the Grenfell Tower fire, a fire service investigation deemed the cladding unsafe on the NV Buildings in Salford Quays. The buildings were developed in 2004 by Countryside and built by Carillion, which had gone into liquidation in January 2018. Householders were told the costs to replace the cladding would have to be met by them. So far, Countryside has not said whether it will pay, although developers Taylor Wimpey and Barratt have done so elsewhere on "moral" grounds, despite not being legally required to. A structural engineer, contracted by residents, reviewed the buildings in June 2018. The report concluded that the use of expanded polystyrene (EPS) and gaps in fire breaks on external walls meant the development may not have complied with building regulations when built. Countryside said NV Buildings received all relevant approvals when Carillion completed the project. Countryside was undertaking a "comprehensive review" of the building's design and construction.{{cite web|url=https://www.constructionnews.co.uk/companies/contractors/carillion/carillion-built-tower-block-residents-face-re-cladding-bill/10034228.article|title=Carillion-built tower block residents face re-cladding bill |publisher=Construction News|date=15 August 2018|access-date=18 August 2018}} In 2019, the developer billed leaseholders to cover the £2.6m cost of replacing the cladding, with costs ranging from £12,000 to £34,000.{{cite news |last1=Rucki |first1=Alexandra |title=The Salford apartment blocks 'still covered in dangerous cladding' two years after Grenfell tragedy |url=https://www.manchestereveningnews.co.uk/news/greater-manchester-news/salford-quays-grenfell-fire-tragedy-16424192 |access-date=30 May 2022 |work=Manchester Evening News |date=14 June 2019}}

In 2008 its Accordia development in Cambridge was the first housing scheme to win the RIBA Stirling Prize for architecture.{{cite newspaper The Times |last= Dyckhoff |first= Tom |date= 14 October 2008 |title= Stirling Prize 2008 winner: Accordia housing development, Cambridge |url= https://www.thetimes.com/article/754a5b99-6c9b-462c-aeaf-df634761dc55 }} The same project had previously been the Overall Winner & Medium Housebuilder Winner of the RIBA Housing Design Award 2006,[http://www.designforhomes.org/hda/2006/complete/accordia.html Accordia, Cambridge] {{webarchive|url=https://web.archive.org/web/20090724042345/http://www.designforhomes.org/hda/2006/complete/accordia.html |date=24 July 2009 }}, RIBA Housing Design Awards 2006 repeating the awards which the company had won in 2004[http://www.britishhomesawards.com/archive/StMarysIsland RIBA St Mary's Island], Housing Design Awards 2004 and 2005.[http://www.designforhomes.org/hda/2005/complete/benncour.html Bennet’s Courtyard, London, SW19] {{webarchive|url=https://web.archive.org/web/20090405013258/http://designforhomes.org/hda/2005/complete/benncour.html |date=5 April 2009 }}, RIBA Housing Design Awards 2005

In 2013 its Villa house type at Kings Park, Harold Wood, won the silver award in the 'Best House' category, as part of the What House? Awards.{{cite web|url=http://what-house-awards.co.uk/2013-winners/best-house/|title=Website Currently Disabled|work=what-house-awards.co.uk|access-date=29 March 2015}} It also won the silver award in the 'Best Retirement Development' category for Cliveden Village, Taplow.{{cite web|url=http://what-house-awards.co.uk/2013-winners/best-retirement-development/|title=Website Currently Disabled|work=what-house-awards.co.uk|access-date=29 March 2015}} Its Horsted Park development in Chatham was named as 'Housing Project of the Year' at the 2013 Building Awards.{{cite web|url=http://www.proctorandmatthews.com/news/horsted-park-housing-project-year|title=Horsted Park is Housing Project of the Year|work=proctorandmatthews.com|access-date=29 March 2015}}

Countryside together with its partner Liberty Property Trust received the ‘Place Making Award’ for the Cambridge Biomedical Campus at the Property Awards 2014.[http://www.countryside-properties.com/news-centre/place-making%E2%80%99-award-key-to-countryside/895530/898829 'Place Making' award key to Countryside] {{Webarchive|url=https://web.archive.org/web/20140714163135/http://www.countryside-properties.com/news-centre/place-making%E2%80%99-award-key-to-countryside/895530/898829 |date=14 July 2014 }}, Countryside website, 14 April 2014. Countryside in association with Royal National Institute of Blind People received the BBC/RHS People's Choice Award following their earlier accolades of Gold Medal and the award for Best Fresh Garden at the RHS Chelsea Flower Show 2014.{{cite web|url=http://www.rnib.org.uk/minds-eye-garden-wins-bbcrhs-peoples-choice-award-rhs-chelsea-flower-show|title=The 'Mind's Eye' Garden wins the BBC/RHS People's Choice Award at RHS Chelsea Flower Show|work=rnib.org.uk|access-date=29 March 2015}}

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• [https://www.countrysidepartnerships.com/ Official website]

{{Construction industry in the United Kingdom}}

{{Real estate in the United Kingdom}}

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Category:Construction and civil engineering companies established in 1958

Category:Housebuilding companies of the United Kingdom

Category:Companies formerly listed on the London Stock Exchange

Category:Companies based in Brentwood, Essex

Category:Privately held companies of the United Kingdom

Category:1958 establishments in England

Category:2022 mergers and acquisitions