Former Persimmon CEO Jeff Fairburn is the new chairman of Avant Homes after its takeover by developer Berkeley DeVeer and asset management firm Elliott Advisors Ltd was confirmed today.

Under its new ownership, Derbyshire-based Avant Homes will continue to be led by the existing management team. COO Mark Mitchell will become CEO on May 1, replacing Colin Lewis, who will become Non Executive Deputy Chairman.

The new owners are understood to have formed a partnership agreement but the new equity breakdown and the fee paid has not been disclosed.

Fairburn, currently CEO of Berkeley DeVeer, said: “Avant Homes is a fantastic business, with a strong proposition and a compelling track record of growth.

“It has a high-quality management team that has transformed the business, with an unrivalled focus on building design-led homes in the UK housing market’s fastest growing regions. We look forward to working with the team to further invest in the business and develop it into one of the UK’s leading housebuilders.”

Avant Homes currently has 60 live developments being delivered across five regions in the Midlands, Yorkshire, North East England and Scotland. It currently delivers approximately 2,000 homes each year, has a turnover of circa £500m and employs around 780 people. Berkeley DeVeer currently operates across Yorkshire and the North East of England.

Mark Mitchell, CEO Designate of Avant Homes, said: “The investment by Berkeley DeVeer and Elliott Advisors marks another exciting chapter for Avant Homes and is a clear endorsement of our growth potential.

“This is testament to the strength and ambition of our team who have helped make Avant the business it is today and I would also like to take this opportunity to thank our previous owners for their support.

“We are delighted to have secured the backing of new owners who share our long-term vision for the Group. Their backing will provide us with additional means to push on with our growth plans as we seek to double our revenues and triple our profits over the next five years.”