BGF has invested £15m in Cruden, one of Scotland’s long-standing small and medium-sized enterprise (SME) housebuilders.
The money will help push forward the delivery of thousands of sustainable homes across Scotland.
Additionally, the investment will support Cruden’s development programme, bringing forward major sites from its landbank and unlocking new projects.
The plan is expected to benefit Scottish supply chains, support hundreds of jobs, and provide more energy-efficient homes.
Work is due to start in 2026 on 847 net-zero-ready homes at Granton Waterfront, part of a large coastal regeneration scheme in Edinburgh.
The deal also supports changes to the leadership team.
Fraser Lynes (pictured, centre) will step up to CEO, joined by Euan Haggerty (pictured, right) as chief financial officer.
Kevin Reid and Steven Simpson will move to non-executive director roles.
Richard Pugh (pictured, left), 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 to invest in a business that can help deliver the homes Scotland urgently needs.”
John Cassie, former regional chair of Persimmon Plc, will join the board as non-executive chair.
Reid said: “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.”
Lynes said: “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.”
