Lend Lease Residential Development - History

History

The business was established in the mid-1920s by James Crosby to build houses in north Cheshire. During the War it turned to civil engineering and contracting but returned to housebuilding in the late 1950s, when it specialised in building executive housing. In 1986, the Crosby family sold out to a management team and in 1989 the Company was floated on the London Stock Exchange; at that time the Company was predominantly building in north Cheshire and south Lancashire. The housing recession led to a cut in the dividend in 1990 and in 1991 Crosby was acquired by Berkeley Group Holdings. The business was substantially expanded, concentrating on city centre development from Birmingham north to Newcastle. As part of Berkeley’s restructuring Crosby was sold on deferred terms to its management in 2003; Lend Lease Corporation then bought it in 2005 for circa £240 million. Shortly after the takeover the company was renamed Crosby Lend Lease.

As of 17 Feb 2011 Lend Lease announced wider ranging changes to its group of brands. This announcement means the retirement of the Bovis, Delfin, Vivas, Catalyst, Crosby and Primelife brands which will now referred to using the unified Lend Lease Group brand. The company previously known as Crosby Homes and Crosby Lend Lease was from that point known as Lend Lease Residential Development.