Springfield Properties purchase Redrow’s Scottish arm
July 1 2011
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.”
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