BGF (formerly Business Growth Fund) is backing Cruden Group鈥檚 new leadership team to help grow and build more houses.
BGF is a private equity firm owned by a syndicate of banks including Barclays, HSBC and NatWest.
Cruden has built more than 135,000 homes over its 82-year history. Headquartered in Edinburgh, it employs around 250 people and turned over 拢140m last year. It is primed for expansion with a 4,500-home pipeline across the Central Belt and elsewhere.
BGF鈥檚 investment will accelerate Cruden鈥檚 development programme, bringing forward sites from its landbank and unlocking new projects.
This investment comes as Cruden prepares to deliver 847 homes at Granton Waterfront, on Edinburgh鈥檚 largest brownfield project. Work is due to start in 2026.
The transaction also supports Cruden鈥檚 planned leadership evolution. Cruden Homes managing director Fraser Lynes is stepping up to group chief executive, working alongside chief financial officer Euan Haggerty; executive chairman Kevin Reid and group managing director Steven Simpson are moving to non-executive director roles.
As part of BGF鈥檚 investment, it is putting in John Cassie, former regional chair of Persimmon, as non-executive chair of the Cruden board.
BGF investor Richard Pugh said: 鈥淐ruden鈥檚 enviable track record, strong leadership team and award-winning approach stood out from the start. We鈥檙e looking forward to working with the team to support their clear growth strategy and invest in a business that can help deliver the homes Scotland urgently needs.鈥�
Cruden executive chairman Kevin Reid said: 鈥淔or more than eight decades, Cruden has shaped communities across Scotland. This investment gives us the firepower to deliver the next generation of neighbourhoods 鈥� sustainable, energy-efficient homes that will make a real difference to people and places. It also marks an important moment in our leadership evolution, enabling Fraser and Euan to drive the business forward to the next exciting chapter.鈥�
Got a story? Email news@theconstructionindex.co.uk
