GROUP HISTORY AND STRUCTURE

 

Oakdene Homes is a residential housebuilder and was founded by Carl Turpin in 1996. Company policy has been to retain profits in order to expand the business, and the Company has enjoyed substantial growth, increasing its profits every year since it was formed.

In 2001 the Company obtained a trading facility on OFEX, following which, in October 2002, it acquired Trigrange Ltd for £9.5 million. Trigrange owned a substantial number of properties in need of modernisation and renovation and the acquisition thus added substantially to the Oakdene Homes landbank. Profitable use of the assets acquired through Trigrange has significantly enhanced Company profits over recent years. During 2005 Trigrange Ltd was renamed Oakdene Estate Management Ltd.

 

In May 2004 Oakdene Homes was granted admission to the trading of its shares on the Alternative Investment Market of the London Stock Exchange with a placing raising £5 million.

 

In January 2005 Oakdene Homes acquired AIM-listed Honeygrove Group for around £9.36 million. Honeygrove operated within the same geographical area as Oakdene, but specialised in top-end developments of the highest prestige and quality, and enjoyed an excellent reputation with numerous awards accumulated over many years. A selection of prestigious apartment homes, and a range of top-quality new developments have continued to be marketed under the Honeygrove name. Additionally, Honeygrove brought an extensive land bank and portfolio of more conventionally priced properties via its PPH brand, which are being rebranded, developed and marketed by Oakdene Homes. Savings in overhead costs and disposal of non-core assets brought immediate benefits of around £5m, and the acquisition has, and will continue to contribute significantly to profits of the Group.

 

In December 2005 Oakdene Homes acquired Newhaven Marina in an £11.25 million land acquisition from Sea Containers Plc. The development of the Marina at West Quay and Railway Quay Newhaven consists of around 650 new apartment homes across an area of nearly 20 acres and represents a gross development value estimated at around £150 million. Consequently it will be the largest property development project ever seen at this south coast port.

 

The Group consists of Oakdene Homes Plc as the principal trading company together with its two principal subsidiaries, Oakdene Estate Management Ltd and Honeygrove Properties Ltd. A number of other subsidiary companies also form part of the Group.

The ordinary share capital of Oakdene Homes Plc continues to be traded on the AIM market of the London Stock Exchange.