Newsletter - Links - Advertise - Contact Us - Privacy
 

Springfield Properties purchase Redrow’s Scottish arm

Bookmark and Share | Send to friend

July 1 2011

Springfield Properties purchase Redrow’s Scottish arm
Struggling housebuilder Redrow has offloaded its loss making Scottish business to family led  Springfield Properties in a deal valued at £49m.

It will see Springfield acquire all of Redrow’s Scottish business including its head office, 60 staff and land bank of eight sites at Anniesland, Braehead, Dalkeith, Dunfermline, Inverkip, Kilwinning, Lenzie, and Motherwell.

These additional holdings will give Springfield 30 sites across Scotland and a capacity to build around 500 new homes per year.
Despite making a loss of £1.7m in 2010 on a turnover of £31m Springfield believe the acquisition will allow it to grow to a £100m a year turnover company within five years.

Sandy Adam, chairman of Springfield Properties said: “. Prior to this deal we have added 1,500 development sites to our portfolio in 2011 and post the deal we're still in the market for land and sites.”

1 Comment

Another sub standard development
#1 Posted by Another sub standard development on 1 Jul 2011 at 13:29 PM
I hope its not more of that house types they use ... looking a bit dated ... styling of these house tyoes hasnt seemed to have changed for the last 15 years.

Post your comments

 

All comments are pre-moderated and
must obey our house rules.

 

Back to July 2011

Search News
Subscribe to Urban Realm Magazine
Features & Reports
For more information from the industry visit our Features & Reports section.