By Jon Robinson
The founder of one of the UK’s most active land promoters has further increased his stake in property developer Henry Boot.
David Gladman, who is estimated to be worth more £200m, has upped his stake in the listed group from nine per cent to more than 10 per cent, according to a new filing.
Gladman founded his business in 1986 before it was acquired by Barratt Developments for £250m at the start of 2022.
The increase in his holdings in Henry Boot further strengthens his position as the second largest shareholder in the group.
Rysaffe Nominees and J J Sykes, in a joint holding, are the largest shareholders with a stake of 15.4 per cent.
Other major shareholders in Henry Boot are The London & Amsterdam Trust Company and Fulmer Charitable Trust.
The move comes after Henry Boot increased its dividend as the firm remained hopeful about green shoots in the UK’s property market.
During its latest financial year, the group posted a revenue of £359.4m, up 5.3 per cent, which it said was driven by property development and housing completions.
However, profit before tax came in at £37.7m which was £8m lower than the year before, with the group blaming “stubbornly” high inflation and “rising interest rates” for the fall.
Over the last 12 months, Henry Boot’s shares have dropped from 250p to 185p, giving it a market capitalisation of £251m.
Barratt-owned Gladman’s turnover increased from £39.7m to £44.4m in the 15 months to June 30, 2023, while its pre-tax profits surged from £2.1m to £14.3m.
