Persimmon plc

Persimmon plc
Public limited company
Traded as LSE: PSN
Industry Housebuilding
Founded 1972 (1972)
Headquarters York, England
Key people
 Nicholas Wrigley (Chairman)
Jeff Fairburn (CEO)
Revenue £2,901.7 million (2015)[1]
£626.2 million (2015)[1]
£521.9 million (2015)[1]
Website www.persimmonhomes.com

Persimmon plc is a British housebuilding company, headquartered in York, England. The Company is named after a horse which won the 1896 Derby and St. Leger for the Prince of Wales. It is listed on the London Stock Exchange and is a former constituent of the FTSE 100 Index.

History

Persimmon was founded by Duncan Davidson in 1972. After leaving George Wimpey, Davidson had formed Ryedale Homes in 1965, selling it to Comben Homes in 1972 for £600,000. Davidson restarted development again in the Yorkshire area; Persimmon began to expand regionally with the formation of an Anglian division in 1976 followed by operations in the midlands and the south-west.[2] In 1984, Persimmon bought Tony Fawcett’s Sketchmead company; Fawcett had been a director of Ryedale and he became deputy managing director at Persimmon. The enlarged company was floated on the London Stock Exchange in 1985, by which time the Company was building around 1,000 houses a year.[3] Steady regional expansion took volumes up to 2,000 by 1988 with a target of 4,000 following the housing recession. Tony Fawcett had died in 1990 and in 1993 John White was appointed as chief executive with Davidson remaining as an executive chairman. In 1995, Persimmon made the first of a series of major acquisitions. Ideal Homes, once the largest housebuilder in the country and then part of Trafalgar House was bought for £176m giving the Group a much stronger presence in the south-east. This was followed by the purchase of the Scottish housing business of John Laing plc and Tilbury Douglas Homes.[2]

In 2001, Persimmon acquired Beazer Homes UK, for £612m, taking output to over 12,000 a year.[2] The deal came about after Beazer and Bryant announced a 'merger of equals' to create a new house builder called Domus.[4] However, Taylor Woodrow stepped in with a £556 million bid for Bryant, and Persimmon bought Beazer, a company named after its founder Brian Beazer, and originally started in Bath. The acquisition of Beazer brought with it Charles Church, a business founded by Charles and Susanna Church in 1965.[5]

In January 2006 Persimmon acquired Westbury, another listed UK house builder, for a total consideration of £643 million.[6]

Operations

Driveway entrance to the offices of Persimmon plc in York

It builds homes under the Persimmon homes, Charles Church and Westbury Partnerships brands.[7]

Criticism

Persimmon has regularly come in for criticism due to poor build quality on a number of their homes. Examples include wiring up sockets dangerously giving the potential to shock, installing wobbly bannisters, laying turf on builder's rubble rather than on newly laid soil and radiators not properly fixed to the wall.[8][9][10][11]

In addition, Persimmon have been criticised for their sales and aftercare processes which do not always live up to the "enjoyable" and "stress free" experiences promised in the company's own pledge.[12]

In 2013, Persimmon sold a house with a garage that is too narrow for a car to fit into.[13]

References

  1. 1 2 3 "Annual Report 2015". Persimmon plc. Retrieved 26 March 2016.
  2. 1 2 3 Wellings, Fred: Dictionary of British Housebuilders (2006) Troubador. ISBN 978-0-9552965-0-5
  3. ↑ Company Prospectus
  4. ↑ "BBC News - BUSINESS - Persimmon to enter Beazer race". bbc.co.uk. Retrieved 21 March 2015.
  5. ↑ "About Charles Church". charleschurch.com. Retrieved 21 March 2015.
  6. ↑ "BBC NEWS - Business - UK housebuilders announce tie-up". bbc.co.uk. Retrieved 21 March 2015.
  7. ↑ Persimmon: Corporate Profile
  8. ↑ BBC Watchdog: "More moans about new homes"
  9. ↑ ITV New Homes from Hell
  10. ↑ "BBC NEWS - UK - England - Northamptonshire - Poorly-fixed lintel killed child". bbc.co.uk. Retrieved 21 March 2015.
  11. ↑ "£30k damage after plumbing nightmare". Wiltshire Times. Retrieved 21 March 2015.
  12. ↑ "Persimmon Homes BBC Watchdog". BBC. Retrieved 15 May 2015.
  13. ↑ "Couple's fury after the garage at their new £200,000 home is too narrow for their cars and they cannot open the doors when parked inside - Daily Mail Online". Mail Online. Retrieved 21 March 2015.

External links

This article is issued from Wikipedia - version of the Saturday, April 09, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.