Founded in 1964, Morris Homes was a family-controlled housebuilder until the late 1980s. After a management buyout in 1990, the company broadened its range of properties and grew into one of northwest England’s largest private housebuilders. In 1998, a second management buyout led by Mike Gaskell resulted in 3i investing £10.6m and replacing all the original investors except Quayle Munro. With support from Bank of Scotland, the firm acquired Allen’s housebuilding division for £24m in 2000, helping it to expand into the East and West Midlands. As a result, profits have grown 47% a year from £4.2m in 1999 to £13.4m in 2002.
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