BGF has made a £15 million investment in Cruden, designed to power the next stage of growth for the housebuilder.
Cruden has delivered more than 135,000 homes over its 82-year history. Headquartered in Edinburgh, the firm employs around 250 people, has a turnover of £140 million, and is primed for expansion with a 4,500-home pipeline across Scotland’s central belt and into new geographic locations.
BGF’s investment will accelerate Cruden’s development programme, bringing forward major sites from its landbank and unlocking new projects. The programme is expected to support hundreds of jobs across Scottish supply chains, stimulate regional economies, and help meet demand for ‘high-quality, energy-efficient’ homes.
This investment comes as Cruden prepares to deliver 847 net-zero-ready homes at Granton Waterfront, as part of one of Scotland’s most significant coastal regeneration schemes. Work is due to start in 2026 on Edinburgh’s largest brownfield project.
The transaction also supports the company’s planned leadership evolution. Fraser Lynes will step up to CEO, working alongside CFO Euan Haggerty, with executive chairman Kevin Reid and group MD Steven Simpson transitioning to non-executive director roles.
As part of BGF’s investment, John Cassie, former regional chair of Persimmon Plc, will join the Cruden board as non-executive chair.
Richard Pugh, investor at BGF, said, “Cruden’s enviable track record, strong leadership team and award-winning approach stood out from the start. We’re looking forward to working with the team to support their clear growth strategy and invest in a business that can help deliver the homes Scotland urgently needs.”
Kevin Reid, executive chairman of Cruden, added, “For more than eight decades, Cruden has shaped communities across Scotland. This investment gives us the firepower to deliver the next generation of neighbourhoods – sustainable, energy-efficient homes that will make a real difference to people and places. It also marks an important moment in our leadership evolution, enabling Fraser and Euan to drive the business forward to the next exciting chapter.”
CEO Fraser Lynes commented, “We’re immensely proud of Cruden’s heritage as a multi-award-winning, 5-star SME homebuilder, but our focus is firmly on the future. BGF’s backing is a powerful endorsement of our strategy and unlocks major opportunities, from Granton Waterfront to our expansion into new locations, and the delivery of our 4,500-home pipeline. With this support, we can move faster, build more, and deliver sustainable communities at scale.”
The investment follows BGF’s pledge to invest £200 million in Scottish businesses as part of its £3 billion UK-wide commitment to support high-potential companies over the next five years.
