The move follows the developer securing further support from its shareholders Cheyne Capital Management and senior lenders, Barclays and NatWest, to execute its growth strategy.

Crayfern Homes builds houses and apartments in Dorset, Hampshire and West Sussex, and is set to deliver over 100 new homes this year.

It has grown by over 20% per annum and will complement Vanderbilt’s Home Counties operations.

In recent years, Vanderbilt Homes has put a new management team in place and invested heavily in digital innovation.

It turned over £49m in 2018 and has grown by 32% since 2016.

Together, Vanderbilt Homes and Crayfern Homes expect to grow to exceed £100m of turnover by 2021.

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“We are delighted to welcome Crayfern Homes into the Vanderbilt Homes Group,” said Chris Chiles, group managing director at Vanderbilt Homes.

“Our vision is to generate sustainable growth through market-leading operations and premium quality homes and, to that end, Crayfern Homes represents an excellent fit.

“Crayfern Homes is a robust business which has demonstrated impressive long-term performance.

“We look forward to harnessing our expertise across the group to further enhance our product, service and performance across a broader geography.

“The deal allows us to capitalise on the progress we have made over the last few years, delivering accelerated growth from the enlarged group and creating further expansion opportunities.”