Leeds-based housebuilder honey has reported revenues of £71.2m in its first full year of trading, delivering a profit of £3.6m as it scales operations across Yorkshire and the Midlands.
For the 12 months to 31 December 2025, the business completed 288 legal sales across 10 live sites, achieving an average private selling price of £297,000. The company recorded a private sales gross margin of 23.4% and a weekly private reservation rate of 0.65.
Partnership-led growth strategy
Alongside private sales, honey secured three new partnership contracts during the year, accounting for 254 plots and £55m in future revenue. Partnerships represent around 25% of the company’s delivery model, providing a stable pipeline alongside open-market developments.
The performance reflects a focus on land acquisition and operational efficiency as the business continues to expand its regional footprint.
Leeds and Sheffield base underpins expansion plans
As of February 2026, honey has secured 29 immediate sites capable of delivering 4,371 homes, with a combined gross development value of £1.3bn. Nine of those sites were acquired during 2025, with a further five longer-term sites added by the company’s strategic land team in its first six months.
The business is currently 35% forward sold for 2026 and expects to generate more than £175m in revenue this year, with projected profits of between £20m and £27m.
Funding and future growth
Launched in October 2022, honey is backed by private equity firm Alchemy Partners, through its Alchemy Special Opportunities Fund IV. The company has also secured £160m in bank facilities, supporting its ambition to reach 1,000 legal completions in 2027.
“Our performance has been driven by smart land acquisition, building a distinctive brand and delivering homes which provide the best combination of style, substance and sustainability at their price points.
“None of this would have been possible without the extraordinary capabilities of the 130 colleagues we now employ.
“Every day they go above and beyond to deliver honey’s vision and values to ensure we are a refreshing alternative within the sector and, as a business, we are committed to continually investing in our people.
“Our Yorkshire and Central regional offices are now firmly focused on building and selling whilst driving operational excellence. We also plan to open a third operating region in the East Midlands in the second half of this year as we continue to expand our development footprint.
“Our strong rate of sale proves our focus on Yorkshire and the Midlands and the quality of our product is highly attractive to new home buyers in those regions.“With our first full year’s trading now complete, we have the infrastructure, ambition and funding to further grow our business and brand. That is our focus this year and next, with the objective of securing 1,000 legal completions in 2027.”
honey founder and chief executive, Mark Mitchell.
Customer satisfaction and community impact
During the year, honey achieved a 97% score in the Home Builders Federation National New Homes Customer Satisfaction Survey. The business also launched the honey Foundation, focused on charitable support, careers engagement and volunteering.
In 2025, the company donated £131,000 and delivered 63 volunteer days supporting Sheffield-based homeless charity The Archer Project and Leeds-based children’s charity KidsOut.
Why this matters for Leeds
honey’s rapid growth highlights the strength of Leeds as a base for high-growth housebuilding businesses. As housing delivery remains a priority across the city and region, the company’s expansion supports jobs, supply chains and new home provision across Yorkshire.
