Derby-based Radleigh Homes built approximately 200 new properties in 2016 and has a future pipeline of around 1,300 plots.

Redrow has now acquired the from Ark Capital Group, a UK-based holding company for Peter’s property interests and a private equity fund.

John Tutte, chief executive of Redrow, said: “I’d like to thank Peter Gadsby for the opportunity to acquire the business and I welcome the Radleigh Homes team to Redrow.

“As a result of the deal, additional and much-needed quality homes will be built in the region – benefiting local customers, colleagues and businesses within the supply chain.

“The acquisition will allow us to roll-out the Redrow brand to new customers, and add to our existing portfolio of developments in the East Midlands.”

Radleigh Homes’ 70 staff members will now join a new Redrow Homes East Midlands division, based from its existing offices in Pride Park, Derby.

The deal was advised by PKF Cooper Parry and Geldards.

Peter added: “I am delighted that Redrow has decided to acquire the business as it holds similar values to our own.

“I have personally known and done business with Steve Morgan [chairman of Redrow] for many years and have identified Redrow as the perfect fit to take Radleigh on to the next stage.

“Also, we share a former passion, having both been former owners and chairmen of our local football clubs, Derby County and Wolverhampton Wanderers respectively.”