Family-owned housebuilder Campion Homes is to accelerate its private residential and affordable home building programme after receiving a multi-million pound investment from the Business Growth Fund (BGF).

The Fife-headquartered business said it plans to build 700 new homes over the next five years to be spread across new developments in Clackmannanshire, Fife and Perth & Kinross.

Founded by Pete Bell, the company has built more than 1,500 homes across Fife, the Lothians, Clackmannanshire and Perth & Kinross since 1989. With a focus on quality, individual choice and community, Campion Homes builds two to six bedroom homes within medium sized developments.

To support the growth in private residential development, Mike Stansfield, former chief executive of national builder David Wilson Homes, has been appointed by Campion Homes as a non-executive director following an introduction made by BGF.

In addition to building homes for private sale, Campion Homes has worked with local authority and housing association in east central Scotland for more than 26 years and has developed a strong reputation for the provision of affordable homes. The affordable homes segment remains a significant area of focus, as the business continues to work alongside its partners to deliver an increase in build programmes. An increase in activity is expected following an announcement by the Scottish Government of plans to build 50,000 new affordable homes over the course of the next parliament.

The company has a strong management team, led by Pete, that includes private homes director Marjorie Scott, commercial director Alan Chalmers, construction director Dougie Herd and finance director Susan Jackson.

Pete Bell, chairman and MD of Campion Homes, said of the investment: “This is an exciting time for our business. There has been significant demand for our recent developments and our pipeline is strong. We have chosen to take on a funding partner in order to accelerate our growth opportunities. This investment will allow us to meet the increasing demand quickly without compromising our quality and delivery.

“We explored other funding options but BGF is considered by us to be the right fit for our business. BGF is a flexible, long-term and non-controlling funding partner.”

BGF’s Patrick Graham, who joins the board as a non executive director of the company, said: “The team at Campion Homes has built a fantastic business, one that is ambitious and has solid foundations. Our funding is unlocking a clear growth opportunity, underpinned by a quality land bank in a strong market and a management team that has significant experience in housing development.”