WELL-KNOWN investor and entrepreneur Nigel Wray has bought 2,990,000 ordinary shares in Tonbridge housebuilder and developer, Propan Homes.

He paid 12.25p per share and now has about 4.85 per cent of the issued ordinary share capital in Propan Homes. The company's chief executive Chris Johnson said: "It's great news that such a high profile investor has seen the growth opportunities in our company."

In the six months to November, Propan's turnover jumped 33 per cent to £3.6 million and pre-tax profits went up 22.4 per cent to £800,603. The company also made its first acquisition - Sitemaster - in March, and made a significant profit from the sale of a site in Lincolnshire.