Crosby Homes
| Company type | Public (former) |
|---|---|
| Industry | Residential property development |
| Founded | 1920s |
| Founder | James Crosby |
| Defunct | Early 2010s (brand retired) |
| Fate | Acquired by Lendlease in 2005; brand retired |
| Headquarters | Birmingham , United Kingdom |
Area served | United Kingdom (notably north Cheshire, south Lancashire, Birmingham to Newcastle) |
| Parent | Lendlease (from 2005) |
Crosby Homes was a prominent UK-based residential property developer that became part of the Australian construction group Lendlease in 2005, with the Crosby brand being retired in the early 2010s.
History
Established in the mid-1920s by James Crosby with the initial aim of constructing homes in northern Cheshire, the company temporarily transitioned to civil engineering during the Second World War. It resumed housebuilding activities in the late 1950s, specializing in upscale residential properties. The Crosby family divested the company through a management buyout in 1986, and three years later it was publicly listed on the London Stock Exchange, primarily serving markets in north Cheshire and south Lancashire.
During the recession of the early 1990s, dividends were reduced in 1990, while takeover speculations involving Bryant Homes and Persimmon were refuted. In 1991, Berkeley Group Holdings acquired Crosby for £10.9 million. Throughout that decade, Crosby broadened its portfolio by undertaking significant urban projects across cities ranging from Birmingham to Newcastle.
By September 2003, although Crosby accounted for 21% of Berkeley’s revenue, Berkeley decided to divest its interest. Subsequently, Berkeley sold a majority 51% share to Crosby’s management team under deferred payment terms. In 2005, Lendlease purchased Crosby for £261 million with strategic intentions to enter the buy-to-let sector and enhance competitiveness for mixed-use developments featuring substantial residential elements, including sites near the Millennium Dome. Following the acquisition, the company was rebranded as Crosby Lend Lease, a name that was gradually discontinued by the early 2010s.