Business Irish

Thursday 13 December 2018

Lagan eyes investment future and housebuilding expansion

Kevin Lagan and his family are planning to extend their housebuilding arm into the Republic. Stock Image: Bloomberg
Kevin Lagan and his family are planning to extend their housebuilding arm into the Republic. Stock Image: Bloomberg

Margaret Canning

Northern Ireland businessman Kevin Lagan and his sons have set up a vehicle for investments after selling most of their other interests for £455m (€522m).

Mr Lagan and his family have already invested in a new interactive tourist attraction in Dublin - Vaults Live - and are also planning to extend their housebuilding arm into the Republic.

Earlier this year, Lagan Group sold its cement, quarrying and aggregates business to Breedon Group. However, the family company retained ownership of housebuilding firm Lagan Homes. Kevin Lagan said: "Lagan Investments is our family investment vehicle, led by my sons, Peter and John.

"Our objective is to take a flexible approach to seeking opportunities across a variety of sectors, both locally and internationally. Lagan Investments has already injected capital into several diverse sectors including real estate, distribution and tourism."

He said that Lagan Homes was building a strong reputation in housebuilding in Northern Ireland and the UK. "We look forward with confidence to the next phase of its growth, including expansion into the Republic of Ireland market. We operate the largest housebuilding business in Northern Ireland, which has a significant high-quality land bank. We are actively seeking development opportunities across all three regions." He added that the company is also looking ahead to growth of FastHouse, which makes modular timber frame systems.

It's already won a landmark deal for holiday lodges. Mr Lagan said: "We are nearing completion of 466 holiday lodges in Ireland's first ever Center Parcs in Co Longford and our local workforce has risen substantially in response to increasing demand for our products, notably in the residential housing market."

He added: "There are exciting times ahead. I will remain involved in all of the businesses, supported by an in-house team of multi-disciplinary professionals, with decades of experience in acquisitions and investment."

Irish Independent

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