Mark Mitchell, left Avant Homes earlier this year after its sale to Berkeley de Veer.
by Richard Allan / October 25, 2022
Backed by private equity firm Alchemy Partners, Mark Mitchell announced he has set up a new housebuilding called Honey. Mitchell left £500m-turnover Avant only a year after it was taken over by Berkeley de Veer, which is led by former Persimmon boss Jeff Fairburn.
Honey has agreed to acquire two developments in South Yorkshire and Derbyshire for its initial projects. The company plans to deliver a total of 141 units for both developments, which will have a combined gross development value (GDV) of £40m.
Mitchell believes “There is a clear gap in the housing market for the type of property we are going to build. The design of the house types was a real affair of the heart because we want to offer people homes that have been specially created for them and that set new standards. We now look forward to submitting our planning applications for our initial developments so that we can begin building Honey homes as soon as possible.
Alchemy Partners says “Having previously worked with Mark, we are fully aware of his talent, skill, and ambition. We look forward to supporting him and his team in growing Honey into a significant and well-respected home builder in the north of England and the Midlands”.
Alchemy Partners is a private equity fund that manages more than £1.5bn of funds from investors. It is more widely known in the market for investing in underperforming businesses or in distressed debt situations, but it also invests in new businesses like Honey.
