A MINORITY stake has been taken in a Basingstoke-based firm as part of a deal which has seen a company become the third largest retirement home developer in the country.

Ringwood-based Renaissance Retirement has been acquired by retirement housebuilder PegasusLife, doubling the combined group portfolio of developments to more than 70, with a projected turnover of £500 million by 2021, for the new PegasusLife Group.

As part of the deal, PegasusLife will take a minority stake in the Basingstoke-based Hackwood Group founded by Christopher Goddard, who built all of the Renaissance Retirement developments and construct for PegasusLife going forward under the new group.

Mr Goddard, chairman of Renaissance Retirement, who also joins the new group’s board of directors, said: “We are very excited by this opportunity.

“The new enlarged PegasusLife Group is well positioned to address the chronic shortage in quality later living homes throughout the UK.

“The continued supply and demand imbalance in this sector presents a huge growth opportunity for the hroup going forward.”

“Our whole operation continues to grow and is underpinned by our land acquisitions which now stretch from the West Country to the northern Home Counties, while we have plans for a number of new regional offices in over the next three years.”

Both what were Renaissance Retirement and PegasusLife will continue to operate under their existing management structures and head offices.