Corporate lawyers in Thrings’ Bristol office have advised Wiltshire housebuilder Stonewood Homes on a string of deals linked to its schemes across the West of England.
Stonewood, which specialises in small-to-medium developments of high-quality, sustainable new homes, received funding from a consortium of investors as part of its plans to bring forward a proposed new 49-home site in Sandford, North Somerset.
Thrings also advised the firm, which is headquartered near Chippenham, on its exit from two joint venture developments following the sale of the final units in each, with the combined payments to its partners valued at more than £7m.
The new funding deal ensures the investors will receive a preferred return on the completion of the Sandford project while putting in place agreements underwriting the return of the full equity value of the investment.
Alongside securing the investment, financial details of which have not been disclosed, Stonewood has also worked closely with the local community and planning authority to secure permission for the site, where work set to begin later this month.
Completion of the transactions on the Severells Fields and Grittleton sites, near Cirencester and Chippenham respectively, were subject to tight turnarounds in order to secure the existing Capital Gains Tax treatment ahead of expected changes in last week’s Budget.
Thrings’ work on the transaction has also established a model for Stonewood to use in future projects. 
Thrings corporate team, led by partner John Richardson and associate Matt Cornforth, with support from solicitor Bethan Shepherd, handled all legal aspects of the deals, advising on the terms of the investment and securing balanced terms for all parties, ensuring a smooth and efficient process following the joint venture exits.
Ben Lang, a director of Stonewood Homes and its parent company Stonewood Builders Holdings, said: “It has been a pleasure to engage John and the team at Thrings to complete the recent deals, particularly given the time pressures and complexity of the transactions.
“The legal and commercial support has been responsive and inventive, always remaining pragmatic and result focussed.
“This has benefited Stonewood and our investment partners to achieve our shared objectives.”
John Richardson added: “Finalising these deals to secure investment and close the book on completed developments is great news for Stonewood and its continued work to deliver outstanding new homes across the region.
“It was a pleasure to act for them and to have achieved what was required of us under a very strict timeframe to ensure them the best return.”
Thrings employs around 350 people in its seven offices across the South West and South with a focus on enabling growth and success for its clients, contacts and staff.
