McInerney buys Augusta

McInerney Holdings, the Irish development company, has bought Augusta, a regional builder based in Milton Keynes, for £6.3m.

Augusta is currently active on six projects involving 92 units with a combined value of £6.5m. Founded in 1994, it operates in the Northampton, Oxford and Luton areas and is a provider of social housing. Its activities are focused on the registered social landlord (RSL) market where it builds affordable homes.

Barry O’Connor, McInerney’s managing director, said: “The acquisition provides the group with an entry into the social homes segment of the UK housing market. It also provides a foothold for [us] in a new geographic area, the south Midlands, which will assist our regional expansion in the private housing sector.”

Social housing accounts for 12% of the UK housing market.

McInerney will pay an initial £3.3m in cash followed by an earn-out consideration of up a maximum of £3m, depending on the profits earned by Augusta over the next four years.