Scottish house builder buys rival for £56m
Growing Scottish house builder Springfield has bought Inverness-based Tulloch Homes for £56m.
Springfield has also announced plans to raise £22m through a share placing at a 4.4% discount to the share price to part finance the deal.
The takeover of the Highlands builder, which was itself bought through a management buy-out six years ago, is conditional on the successful fundraising, expected to be finalised on 21 December.
Innes Smith, CEO of Springfield, said: “This is another great acquisition for Springfield – and our third since coming to the market in 2017.
“Tulloch Homes has an excellent reputation for building high-quality homes in the Scottish Highlands in and around Inverness.”
He added: “This is an area of high demand where we have been organically building a presence in recent years.
“As a result, it will significantly strengthen our foothold in an area of strategic importance and accelerate our growth, being earnings enhancing from the current year.
“We welcome all of the Tulloch Homes employees to the Springfield group and we look forward to working together to continue to grow our business.”
In the last financial year to June, Tulloch sold 219 homes, generating a pre-tax profit of 6m from £46m revenue.
Tulloch Group has a land bank of 1,791 plots, of which 87% have planning permission.
The total gross development value is put at £375m, equivalent to seven years of development at current build rates.
In the year to September, Springfield sold 973 homes, lifting revenue by half to £217m, and generating a profit before tax of £18.5m.
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Wates wins contract for underground houses
Wates Residential has been chosen as main contractor on a pioneering eco-housing development in East Sussex.
Wates will start work early next year on the Blackfriars in Battle for Rother District Council’s housing company Alliance Homes.
All 200 new homes have been designed to significantly reduce energy consumption and carbon emissions, while minimising energy costs for residents.
The site will see the unique use of Earth Sheltered Homes and inclusion of principles taken from Passivhaus – a building standard that is energy efficient, comfortable, affordable, and ecological at the same time.
Councillor Doug Oliver, Leader of Rother District Council, said: “We are delighted to name Wates as the contractor for this ground-breaking, sustainable housing development in Battle. So many people have contributed down the years to getting us to this point where we can now look forward to the start of construction.”
Helen Bunch, Executive Managing Director, Wates Residential, added: “Wates works collaboratively with its customers to find better and more innovative ways to reduce waste, reduce energy consumption and enhance the natural environment, and on this exciting new project with Rother District Council we will be using the latest technologies to push boundaries and achieve a more sustainable future.
“These 200 new homes in Battle will be warm and comfortable places for families to call home, utilising energy efficient technology. Everyone deserves a great place to live, and along the way we will be looking to create a lasting legacy for the people that will live in and around this new unique community.”
One of the major factors stalling the delivery of the site was the need for a new spine road to facilitate development.
In 2018, Rother District Council successfully applied to Homes England, and were allocated grant funding under the HIF programme to deliver the road infrastructure. Planning permission for the whole development was gained in April this year.
26 firms win £7bn school building framework
Twenty six firms have chalked up places on the Department for Education’s £7bn school and further education building programme over the next four years.
The firms are spread across 22 lots covering over three value bands and key English regions.
High-value projects over £12m
North
Bowmer and KirklandWillmott Dixon ConstructionBAM ConstructionKier ConstructionWates Construction
South
Bowmer and KirklandWillmott Dixon ConstructionBAM ConstructionKier ConstructionWates ConstructionSkanska Construction UKGrahamBouygues UK
Projects between £6m and £12m
North East and Yorkshire
Tilbury DouglasGalliford Try BuildingMorgan SindallISG ConstructionHenry Boot Construction
East Midlands
Tilbury DouglasGalliford Try BuildingMorgan SindallISG ConstructionGrahamHenry Boot Construction
East of England
Tilbury DouglasGalliford Try BuildingMorgan SindallISG ConstructionHenry BrothersMcLaren Construction
London
Tilbury DouglasGalliford Try BuildingMorgan SindallISG ConstructionGeoffrey OsborneBaxall constructionMcLaren Construction
South East
Tilbury DouglasGalliford Try BuildingMorgan SindallISG ConstructionGeoffrey OsborneMcLaren Construction
South West
Tilbury DouglasGalliford Try BuildingMorgan SindallISG ConstructionSpatial InitiativeGoldbeck
West Midlands
Tilbury DouglasGalliford Try BuildingMorgan SindallISG ConstructionBouygues UK
North West
Tilbury DouglasGalliford Try BuildingMorgan SindallISG Construction
Projects up to £4.5m
North East
Bowmer and KirklandKier ConstructionWates ConstructionVINCI Construction- Building Division
Yorkshire and the Humber
Bowmer and KirklandKier ConstructionWates ConstructionENGIE RegenerationSpatial InitiativeRayner Rowen
East Midlands
Bowmer and KirklandKier ConstructionWillmott Dixon ConstructionWates ConstructionG F Tomlinson
East of England A
Bowmer and KirklandKier ConstructionVINCI Construction UK – Building DivisionENGIE RegenerationThe McAvoy Group
East of England B
Bowmer and KirklandKier ConstructionWillmott Dixon ConstructionWates ConstructionENGIE RegenerationSpatial Initiative
London
Bowmer and KirklandKier ConstructionWillmott Dixon ConstructionWates ConstructionVINCI Construction UK – Building DivisionENGIE RegenerationSpatial Initiative
South East A
Bowmer and KirklandKier ConstructionWillmott Dixon ConstructionWates ConstructionBaxall constructionENGIE RegenerationSpatial Initiative
South East B
Bowmer and KirklandKier ConstructionWillmott Dixon ConstructionWates ConstructionENGIE RegenerationSpatial Initiative
South West A
Kier ConstructionVINCI Construction UK – Building DivisionENGIE RegenerationDarwin Group
South West B
Kier ConstructionENGIE Regeneration
West Midlands
Bowmer and KirklandKier ConstructionWillmott Dixon ConstructionWates ConstructionG F Tomlinson
Lot 22 – Low value band: North West
Bowmer and KirklandKier ConstructionWates ConstructionConlon Construction
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