The shift towards partnership work has paved the way for Vistry’s rehabilitation since its chief executive Greg Fitzgerald was tasked with reviving the fortunes of the company, then known as Bovis Homes, in 2017. Snapping up its rival Countryside Partnerships could help the FTSE 250 housebuilder retain more of the ground gained against a likely weakening in the housing market.
Greater exposure towards building houses in partnership with housing associations and the private rental sector has earned Vistry a premium rating compared with most other housebuilders. The benefit of the partnership model? The chance to generate a higher return on capital employed, since registered housing providers put up part of the capital to complete developments, and potentially less volatile demand than the private housing market.
