Housebuilder, Bovis Homes has completed its acquisition of Galliford Try’s Linden Homes and Partnerships and Regeneration businesses and announced a new name for the enlarged housebuilder.
The £1.1bn deal was agreed in November, which consists of a combination of shares in Bovis and cash, and the transfer to Bovis of GT’s £100m debt placement.
It will, according to Bovis, create a top five national housebuilder with the ability to deliver more than 12,000 homes over the medium term, giving Bovis a prime position in the partnerships market.
As part of the new structure, the company said on 3 January they will apply to change its name to Vistry Group. This new corporate moniker, it explained, would be used for both the enlarged housebuilding and partnerships businesses, but with the Bovis Homes and Linden Homes brands remaining – “maximising the opportunities from dual branding.”
The completion of the deal also sees Graham Prothero become the expanded company’s chief operating officer, having vacated his ceo post at GT.
Greg Fitzgerald, Bovis’ CEO said, “I am delighted that we have completed the exciting and transformational acquisition of the Linden Homes and Partnerships & Regeneration businesses of Galliford Try plc.
“The combination of these businesses with Bovis Homes creates a top five housebuilder in the UK with the capacity to deliver over 12,000 homes per year in the medium term. It also gives us a leading position in the high-growth, more resilient partnerships market. Within the enlarged business, our commitment to ensuring the highest levels of build quality and customer satisfaction will remain central to everything we do.
“We would like to thank all shareholders for their engagement in this process and look forward to delivering the clear strategic and financial benefits of this combination.”
GT shareholders will now hold a 29.3% stake in the enlarged group. The deal includes a £300 million cash payment to GT.