Persimmon plc
Encyclopedia
Persimmon plc is a British
housebuilding company, headquartered in York
, England
, at a building called Persimmon House. 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 constituent of the FTSE 250 Index
as of 23 June 2008.
in 1972. After leaving George Wimpey
, Davidson had formed Ryedale Homes in 1965, selling it to Comben 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.
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.
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.
In 2001 Persimmon acquired Beazer Homes UK, for £612m, taking output to over 12,000 a year. The deal came about after Beazer and Bryant announced a 'merger of equals' to create a new house builder called Domus. 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 Sussana Church in 1965.
In January 2006 Persimmon acquired Westbury plc, another listed UK house builder, for a total consideration of £643 million.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
housebuilding company, headquartered in York
York
York is a walled city, situated at the confluence of the Rivers Ouse and Foss in North Yorkshire, England. The city has a rich heritage and has provided the backdrop to major political events throughout much of its two millennia of existence...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
, at a building called Persimmon House. The Company is named after a horse
Persimmon (horse)
Persimmon was an outstanding British-bred and British-trained Thoroughbred race horse and sire who won the Epsom Derby in 1896. This was the first horse race ever filmed, by Robert W. Paul and Birt Acres....
which won the 1896 Derby
Epsom Derby
The Derby Stakes, popularly known as The Derby, internationally as the Epsom Derby, and under its present sponsor as the Investec Derby, is a Group 1 flat horse race in Great Britain open to three-year-old thoroughbred colts and fillies...
and St. Leger
St. Leger Stakes
The St. Leger Stakes is a Group 1 flat horse race in Great Britain which is open to three-year-old thoroughbred colts and fillies. It is run at Doncaster over a distance of 1 mile, 6 furlongs and 132 yards , and it is scheduled to take place each year in September.Established in 1776, the St. Leger...
for the Prince of Wales
Edward VII of the United Kingdom
Edward VII was King of the United Kingdom and the British Dominions and Emperor of India from 22 January 1901 until his death in 1910...
. It is listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
, and is a constituent of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
as of 23 June 2008.
History
Persimmon was founded by Duncan DavidsonDuncan Davidson
Duncan Davidson is the founder of Persimmon plc, one of the United Kingdom's largest housebuilding businesses.-Career:Born the grandson of the 15th Duke of Norfolk and educated at Ampleforth College, Duncan Davidson went into the British Army in 1959 and served in the Royal Scots Greys for four...
in 1972. After leaving George Wimpey
George Wimpey
George Wimpey was formed in 1880 and, based in Hammersmith, operated largely as a road surfacing contractor. The business was acquired by Godfrey Mitchell in 1919 and he developed it into the UK’s pre-eminent construction and housebuilding firm. In 2007, Wimpey merged with Taylor Woodrow to create...
, Davidson had formed Ryedale Homes in 1965, selling it to Comben 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.
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
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 1985, by which time the Company was building around 1,000 houses a year.
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
Trafalgar House
Trafalgar House may refer to:*Trafalgar House , a defunct British conglomerate*Trafalgar House , a country house in Wiltshire, England associated with the Earl Nelson family....
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.
In 2001 Persimmon acquired Beazer Homes UK, for £612m, taking output to over 12,000 a year. The deal came about after Beazer and Bryant announced a 'merger of equals' to create a new house builder called Domus. However, Taylor Woodrow
Taylor Woodrow
Taylor Woodrow was one of the largest British housebuilding and general construction companies. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but merged with rival George Wimpey to create Taylor Wimpey on 3 July 2007.-Early years:Frank Taylor was...
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 Sussana Church in 1965.
In January 2006 Persimmon acquired Westbury plc, another listed UK house builder, for a total consideration of £643 million.