Private fund manager Highcross has bought residential development company Kenmore Homes in a deal worth some £20 million.

Private fund manager Highcross has bought residential development company Kenmore Homes in a deal worth some £20 million.

Highcross’ chief executive, Peter Gubb, said the acquisition moves the group into the residential sector and gives Kenmore the resources it needs to grow.

Following the deal Kenmore’s co-founder, Bill Thomson, resigned as chairman but has been retained as a consultant. Charles Wilkinson and Drew Reid continue as joint managing directors.

Kenmore’s tax adviser was Chiene & Tait.

Edinburgh-based Kenmore Homes was established in 2001 and today has offices in Winchester, Glasgow, Birmingham and Chelmsford. It is currently working on more than 50 projects in England and Scotland and is on target to build some 500 units this year.