Elgin-based Springfield Properties eyes growth north of the border

block1

AIM-listed Scottish housebuilder Springfield Properties has snapped up Glasgow-based Dawn Homes in a deal worth 拢20.1m.

Elgin-based Springfield is part-financing the acquisition via a 拢15m share placing.

Dawn Homes reported pre-tax profit of 拢3.1m for the year to the end of January 2017 on turnover of 拢22.6m.

The firm, which employs 49 staff, controls around 1,300 plots, while Springfield has a land bank of 9,195 plots.

Springfield chief executive Innes Smith said the deal was part of the group鈥檚 plan to ramp up growth by expanding into new areas.

鈥淭hrough the purchase of Dawn Homes, we have gained another foothold in another part of Scotland,鈥� he added.

Springfield, which employs 500 staff, reported pre-tax profit of 拢6.7m in the year to the end of May 2017 on turnover of 拢111m.

It is currently focused on building five new 鈥榲illages鈥� across Scotland which will eventually see around 10,000 new homes built.

Topics