Barratt deputy chief executive Steven Boyes said the deal would help to realise the potential and develop Barratt’s strategic land holdings to secure medium-term growth.

As a land promoter, Cheshire-based Gladman operates across the UK with particular strength in the south of England.

Prior to the onset of the Covid pandemic, Gladman generated average annual sales of £52m, generating £19m pre-tax profit, with an annual average of 4,230 plots securing planning permission, and 4,156 plots sold for Gladman’s promotion partners over this same period.

In its last financial year to March 2021, Gladman,  reported profit before tax of £7m.

Following the acquisition, Gladman will operate as a stand-alone business within Barratt driven by its  management team led by David Gladman, chairman and Victoria Hesson, CEO.

Gladman will continue to supply land to third parties as well as provide an additional route for Barratt to source strategic land.

Gladman’s existing portfolio, comprising around 406 potential sites with an average site size of 242 plots. It is expected to deliver an incremental 500 home completions per annum for Barratt from FY25.

Boyes said: “Barratt has built a reputation for a disciplined and competitive approach to acquiring land and Gladman’s strong credentials in identifying attractive land and promoting sites through the planning process will be an important addition.

“As always, we are working hard to help address the shortage of homes across the country and today’s acquisition of a long-standing and trusted partner will further strengthen our ability to deliver our medium- term target to build 20,000 high quality homes per year.”