(Alliance News) - Land regenerator Harworth Group PLC has entered a joint venture in Manchester, it said Thursday, which will eye up new land opportunities.
The venture has been agreed, at 50/50, with Russell Homes UK Ltd. The two have an option to buy 67 acres of land and a conditional contract for another 79 acres.
These agreements are worth GBP1 million, Harworth added. The firm's Chief Executive Owen Michaelson said: "Our new joint venture with Russells will bring land and local knowledge to support the expansion of our strategic land bank and deliver much-needed residential and commercial development in Greater Manchester.
"The deal also further demonstrates the value of our move to a regional operating model. I look forward to progressing this opportunity with Russells."
Earlier September, Harworth reported a more than doubling in interim revenue, with pretax profit tripling. The dividend was boosted 9.4%.
Shares in Harworth were 2.8% higher on Thursday afternoon in London at 124.42 pence each.
By George Collard; georgecollard@alliancenews.com
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Harworth Gp (HWG)