ALTRINCHAM'S Nikal Group has supported Michael Kennedy, managing director of luxury house builder Hillcrest Homes Ltd, in a management buyout.

The deal, for an undisclosed sum, brings the Hillcrest Homes brand under the Nikal umbrella while continuing to trade as a limited company.

Mr Kennedy remains at the helm as MD, alongside his existing team at the award-winning firm, which was established in 1985 as part of Warrington based construction group, Cruden.

Alan Murphy, who co-founded Nikal in 2003 with Nick Payne, said: “Nick and I have wanted to broaden our development base for some time and the house building sector has been a key target.

"This is a strategic purchase to take advantage of the shortage of housing in the UK. With cross party political support, the housing sector is an exciting opportunity for us.

“We have put in place a strategy for the business that identifies routes for substantial and sustainable growth and expansion, and already have a number of prime development sites and joint venture opportunities in advanced discussions. Our future together will be very exciting.”

Mr Kennedy and his team will continue to develop existing projects, including ‘Riverside Place’, a select development of thirteen Georgian style townhouses off King Street in Knutsford, and ‘Westbrook Villas’, a joint venture of 12 contemporary properties with Victorian influences off Brook Lane in Chorlton’s Beech Road Conservation Area.

Mr Kennedy said: “Nikal is a dynamic, progressive and forward thinking company with an outstanding reputation and excellent contacts.

"The opportunities and resources afforded Hillcrest from this new association are phenomenal and will allow us to undertake more development and escalate brand awareness on a regional and national scale.”

Hillcrest Homes has moved to new premises at Nikal’s MyBuro offices on Market Street in Altrincham and will shortly be launching new branding and a new website.