A North Yorkshire property developer led by former Persimmon boss Jeff Fairburn has bought one of the UK's major housebuilding firms.

Small Wetherby-based Berkeley DeVeer has partnered with Elliott Advisors (UK) Ltd to acquire Avant Homes Group.

Jeff Fairburn, who was chief executive of York-headquartered Persimmon until November 2018 when he left following an outcry over his £75m bonus, will become the new chairman of the £450m turnover firm, Avant Homes. 

During Mr Fairburn's tenure, Persimmon become Yorkshire's largest PLC.

He was appointed chief executive of Berkeley DeVeer, at Thorp Arch, after buying a 50 per cent stake in the business in January 2020.

Berkeley DeVeer, a £28m turnover business, currently operates across Yorkshire and the North East of England.

Derbyshire-headquartered housebuilder Avant Homes is one of the UK’s leading private residential property developers, operating in high growth markets in the North of England and Scotland.

Avant Homes currently has 60 live developments being delivered across five regions in the Midlands, Yorkshire, North East England and Scotland.

It delivers about 2,000 homes each year and employs about 780 people.

Under its new ownership, Avant Homes will continue to be led by the existing management team.

Chief operating officer Mark Mitchell will become chief executive on May 1, replacing Colin Lewis, who will become non executive deputy chairman.

Mr Fairburn said: “Avant Homes is a fantastic business, with a strong proposition and a compelling track record of growth.

"It has a high-quality management team that has transformed the business, with an unrivalled focus on building design-led homes in the housing market’s fastest growing regions.

"We look forward to working with the team to further invest in the business and develop it into one of the UK’s leading housebuilders.”

Mark Mitchell said: "The investment by Berkeley DeVeer and Elliott Advisors marks another exciting chapter for Avant Homes and is a clear endorsement of our growth potential.

"This is testament to the strength and ambition of our team who have helped make Avant the business it is today and I would also like to take this opportunity to thank our previous owners for their support.

"We are delighted to have secured the backing of new owners who share our long-term vision for the group. Their backing will provide us with additional means to push on with our growth plans as we seek to double our revenues and triple our profits over the next five years."

Elliott Advisors (UK) is an affiliate of global fund manager Elliott Investment Management.