News

Group company doubles in size as Ringwood based Renaissance Retirement is acquired by PegasusLife

Ringwood based Renaissance Retirement has been acquired by retirement housebuilder PegasusLife instantly doubling the combined group portfolio of developments to more than 70.

With a projected turnover of £500 million by 2021, the new PegasusLife Group is set to become one of the biggest retirement developers in the country. The acquisition enables the group to accelerate its growth plans and strengthen its market leading position.

Combined, the two companies have a joint gross development value of £1.7 billion, positioning the new group as one of the fastest growing retirement housing specialists in the UK. Both businesses will continue to operate under their existing management structures and head offices.

Christopher Goddard, chairman of Renaissance Retirement, who joins the new group’s board, said: “We are very excited by this opportunity. The new enlarged PegasusLife Group is well positioned to address the chronic shortage in quality retirement homes throughout the UK. The continued supply and demand in balance in this sector presents a huge growth opportunity for the Group going forward.”

Christopher added: “Our whole operation continues to grow and is underpinned by our land acquisitions which now stretch from the West Country to the northern Home Counties, while we have plans for a number of new regional offices in over the next three years.”

Howard Phillips, Chief Executive Officer of PegasusLife, added: “The UK is still not building anywhere near the number of properties needed for our ageing population. Twenty two million people - a third of the UK population - are now over 50 so the demand will continue to grow.

“We set out on a mission in 2013 to transform the retirement property market with a high quality product and a transparent operating model. Adding Renaissance, a leading brand with similar values to the Group allows us to further enhance our product offer, geographical reach, as well as offer an even wider range of pricepoints.”

Similar to Renaissance Retirement, the PegasusLife philosophy is to create aspirational homes in sought-after locations, which include thriving market towns, coastal havens, country retreats and urban communities.

Designed specifically for people over 60, the business is committed to building homes that support well-being both through the physical space and through enhanced on-site services, which can range from restaurants and delis through to spas, gyms and shared social lounges.

Founded in 1997, Hampshire-based Renaissance Retirement has become one of the fastest growing specialist retirement housebuilders in the UK, experiencing meteoric growth over the last three years with annual sales rising from £6m to £32m in that period, and staff numbers increasing from six to 55 in 12 months.

Responding to the growing demand from downsizers for well-designed and spacious apartments, Renaissance Retirement currently has plans to build around 400 apartments across the south of England.