Pegasus Retirement Homes plc, a developer of luxury apartments for the active retired, has completed a second management buy-out.
Clearwater International advised management on the deal, which sees Royal Bank of Scotland Equity Finance replace RO Trading as equity partner.
The management team, which now has a controlling interest, was led – as it was in 1998 – by chief executive Peter F Askew. He is supported by Mike Gill, Doug Jones and Derek Burton and will be joined by new non-executive chairman Matthew Thorne, the former group finance director of retirement home specialist McCarthy & Stone.
Since opening its first development in Cheltenham in 1984, Pegasus Retirement Homes has built in over 53 locations, providing in excess of 1,200 homes and earning numerous industry and architectural awards. It has a land bank sufficient to build 1,350 units. The company’s strong platform for growth will see it spreading its geographical coverage in what is seen as an attractive and growing sector occupied by the cash-rich over-55s.
Peter Askew, Chief Executive, Pegasus Retirement Homes plc
“Pegasus is now one of the UK’s leading developers of purpose-built retirement properties, with a track record for providing comfortable, manageable and secure homes which fulfil the lifestyle aspirations of the over-55s. With a growing number of active retired and a shortage of such developments on the market, the company has huge potential.”