Friday, February 3, 2023
No Result
View All Result
logo
  • World
  • Opinion
  • UK News
  • Politics
  • Business
  • Science
  • Entertainment
    The 'Deadpool' creator Liefeld praises "The Night Comes for Us"

    The ‘Deadpool’ creator Liefeld praises “The Night Comes for Us”

    BLACKPINK’s Jennie announces release date of solo debut

    BLACKPINK’s Jennie announces release date of solo debut

    Hail a Ride Hands-Free: Apple Opens Siri to Outside Developers

    Hail a Ride Hands-Free: Apple Opens Siri to Outside Developers

    Mount Rinjani to be closed following the Lombok earthquake

    Mount Rinjani to be closed following the Lombok earthquake

    Bantar Gebang residents ask for increase in 'smelly money'

    Bantar Gebang residents ask for increase in ‘smelly money’

    The Chainsmokers Actually Make a Great Nickelback Cover Band

    The Chainsmokers Actually Make a Great Nickelback Cover Band

    Man Blows Himself Up On Empty Belgium Football Field

    Man Blows Himself Up On Empty Belgium Football Field

    Expert Tips: Important tips to improve your breakfast routine

    Expert Tips: Important tips to improve your breakfast routine

    Satay Western 'Marlina the Murderer' to represent Indonesia at the Oscars

    Satay Western ‘Marlina the Murderer’ to represent Indonesia at the Oscars

    Oka Antara plays police detective in new crime series 'Brata'

    Oka Antara plays police detective in new crime series ‘Brata’

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Travel
    China top lamp shade materials and lamp shade maker, (3)

    New lamp shade fabric/material: Artificial Rattan, from China top lamp shade materials and lamp shade maker, MEGA Fitting factory

    The gorgeous converted Gower barn at the end of a remote country lane that’s the perfect coastal hideaway

    The gorgeous converted Gower barn at the end of a remote country lane that’s the perfect coastal hideaway

    Scottish tourism bookings fall as cost-of-living crisis bites

    Scottish tourism bookings fall as cost-of-living crisis bites

    Alison Hammond confirms new romance with partner who makes her ‘heart sing’

    Alison Hammond confirms new romance with partner who makes her ‘heart sing’

    Airbnb host restrictions ‘could cost Scottish economy millions’

    Airbnb host restrictions ‘could cost Scottish economy millions’

    Love Island’s first look trailer features Michael Owen’s daughter Gemma and showcases contestants’ day jobs

    Love Island’s first look trailer features Michael Owen’s daughter Gemma and showcases contestants’ day jobs

    Scottish tech firm hopes to tackle problems of tourist overcrowding

    Scottish tech firm hopes to tackle problems of tourist overcrowding

    Period Cramps Are The Worst! Here are A Few Homemade Hacks To Help

    rivage sunglasses

    RIVAGEUK: The Best Watches And Sunglasses Brand That Will Take Your Style To The Next Level

    wheelchair accessible vehicle

    Wheelchair Accessible Vehicle – Some Important Things to Know Before Purchasing

    Trending Tags

    • Golden globes
    • Climate Change
  • World
  • Opinion
  • UK News
  • Politics
  • Business
  • Science
  • Entertainment
    The 'Deadpool' creator Liefeld praises "The Night Comes for Us"

    The ‘Deadpool’ creator Liefeld praises “The Night Comes for Us”

    BLACKPINK’s Jennie announces release date of solo debut

    BLACKPINK’s Jennie announces release date of solo debut

    Hail a Ride Hands-Free: Apple Opens Siri to Outside Developers

    Hail a Ride Hands-Free: Apple Opens Siri to Outside Developers

    Mount Rinjani to be closed following the Lombok earthquake

    Mount Rinjani to be closed following the Lombok earthquake

    Bantar Gebang residents ask for increase in 'smelly money'

    Bantar Gebang residents ask for increase in ‘smelly money’

    The Chainsmokers Actually Make a Great Nickelback Cover Band

    The Chainsmokers Actually Make a Great Nickelback Cover Band

    Man Blows Himself Up On Empty Belgium Football Field

    Man Blows Himself Up On Empty Belgium Football Field

    Expert Tips: Important tips to improve your breakfast routine

    Expert Tips: Important tips to improve your breakfast routine

    Satay Western 'Marlina the Murderer' to represent Indonesia at the Oscars

    Satay Western ‘Marlina the Murderer’ to represent Indonesia at the Oscars

    Oka Antara plays police detective in new crime series 'Brata'

    Oka Antara plays police detective in new crime series ‘Brata’

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Travel
    China top lamp shade materials and lamp shade maker, (3)

    New lamp shade fabric/material: Artificial Rattan, from China top lamp shade materials and lamp shade maker, MEGA Fitting factory

    The gorgeous converted Gower barn at the end of a remote country lane that’s the perfect coastal hideaway

    The gorgeous converted Gower barn at the end of a remote country lane that’s the perfect coastal hideaway

    Scottish tourism bookings fall as cost-of-living crisis bites

    Scottish tourism bookings fall as cost-of-living crisis bites

    Alison Hammond confirms new romance with partner who makes her ‘heart sing’

    Alison Hammond confirms new romance with partner who makes her ‘heart sing’

    Airbnb host restrictions ‘could cost Scottish economy millions’

    Airbnb host restrictions ‘could cost Scottish economy millions’

    Love Island’s first look trailer features Michael Owen’s daughter Gemma and showcases contestants’ day jobs

    Love Island’s first look trailer features Michael Owen’s daughter Gemma and showcases contestants’ day jobs

    Scottish tech firm hopes to tackle problems of tourist overcrowding

    Scottish tech firm hopes to tackle problems of tourist overcrowding

    Period Cramps Are The Worst! Here are A Few Homemade Hacks To Help

    rivage sunglasses

    RIVAGEUK: The Best Watches And Sunglasses Brand That Will Take Your Style To The Next Level

    wheelchair accessible vehicle

    Wheelchair Accessible Vehicle – Some Important Things to Know Before Purchasing

    Trending Tags

    • Golden globes
    • Climate Change
No Result
View All Result
logo
No Result
View All Result
Home Real Estate

Springfield acquires Mactaggart & Mickel’s housebuilding business

by Markel
in Real Estate
Reading Time: 5min read
0
SHARES
Share on FacebookShare on Twitter

Springfield acquires Mactaggart & Mickel’s housebuilding business

Springfield Properties is set to acquire the Scottish housebuilding business of Mactaggart & Mickel Group for £46.3m.

This comprises £10.5m cash paid on completion and a deferred cash consideration of £35.8m to be paid as homes are sold over the next five years. The deal will be funded from Springfield’s internal resources and existing debt facilities with Bank of Scotland.

The group has acquired six live private and affordable sites with a fair value of approximately £15m, plus fixed assets. It has also bought a brand licence to build homes as Mactaggart & Mickel on a further 11 private and affordable sites.

The total 17 sites, of which 16 have planning permission and equating to the delivery of circa 700 homes, have a gross development value of around £230m.

Moray-based Springfield intends to retain all of Mactaggart & Mickel’s housebuilding business employees, while the business will continue to operate from Glasgow, with its three directors – Peter Shepherd, Joanne Casey and Marion Forbes – reporting into Martin Egan, Springfield’s chief operating officer.

Mactaggart & Mickel’s investments, strategic land, commercial property, lettings and contracts divisions will remain under Mactaggart & Mickel Group control.

The acquisition also includes Timber Systems, a timber frame factory near Glasgow.

The group already constructs 90% of its homes from timber kits and the addition of a second timber frame factory will secure kit supply and increase capacity for future growth, while further reducing its carbon footprint. Springfield also committed to retaining all of Timber Systems’ employees.

In addition, Springfield and Mactaggart & Mickel have established an agreement that gives Springfield opportunities for future acquisitions of sites from Mactaggart & Mickel’s remaining land bank of approximately 2,300 acres across Scotland – including “highly desirable locations” within the Central Belt.

The payment of the deferred cash consideration is subject to an annual minimum payment of £7.7m from the second year following completion.

The transaction is expected to be earnings enhancing in the current year to 31 May 2023. Springfield expects to report results in line with market expectations, with good revenue growth and a better-than-expected reduction in net debt to circa £39m at year end – down from £43m at 30 November 2021.

Innes Smith, chief executive of Springfield Properties, commented: “As well as bringing another premium brand into the group, this acquisition gives us land, with planning permission, in areas of significant demand.

“The structure of the acquisition – with the majority of the payment to be made as homes are completed – de-risks the deal and creates an effective and efficient means of acquiring land.

“The addition of a timber frame facility in the Central Belt, alongside our existing facility in Elgin, secures our supply of timber kits and provides further capacity to support our next stage of growth.”

Paul McAninch, group finance director at Mactaggart & Mickel, added: “Our company has had a proud tradition as a leading housebuilder in Scotland, which is built on the work of its dedicated teams.

“This tradition will continue, and I’m pleased that there will be continuity of employment as a result of this agreement.”

The announcement also marks a change for Mactaggart & Mickel’s leadership.

Ed Monaghan is to retire in October as group chief executive, after working for the company for more than 40 years, including more than 15 as leader.

McAninch, who has been finance director for more than seven years, will lead the group as its new chief executive.

Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.

Read More
Related Articles
Read More
Related Articles

Source link

Related Posts

Real Estate

The Renting Homes (Wales) Act 2016

by Markel
February 2, 2023
PS Plus Collection for PS4 games shutting down in May
Real Estate

PS Plus Collection for PS4 games shutting down in May

by Markel
February 2, 2023
Real Estate

What is a Compulsory Purchase Order?

by Markel
January 27, 2023
Far Cry 7 and multiplayer spin-off aiming for 2025 launch says insider
Real Estate

Far Cry 7 and multiplayer spin-off aiming for 2025 launch says insider

by Markel
January 27, 2023

RECOMMENDED

Two teenagers seriously hurt in gas explosions at house as three others rushed to hospital  UK |  News

Two teenagers seriously hurt in gas explosions at house as three others rushed to hospital UK | News

February 2, 2023
Boris Johnson to ‘come out all guns blazing’ over Brexit deal as he eyes comeback |  Politics |  News

Boris Johnson to ‘come out all guns blazing’ over Brexit deal as he eyes comeback | Politics | News

February 2, 2023

MOST VIEWED

  • House prices are rising – but how much might your home be making per day?

    House prices are rising – but how much might your home be making per day?

    0 shares
    Share 0 Tweet 0
  • House prices set to rise despite buyer demand drop

    0 shares
    Share 0 Tweet 0
  • Paige VanZant sends fans into frenzy with teasing near-nude lingerie pics as ex-UFC star awaits bare-knuckle opponent

    0 shares
    Share 0 Tweet 0
  • Johann Gutenberg faces tough questions during news conference

    0 shares
    Share 0 Tweet 0
  • PS5 price rise has sealed the deal: I’m getting an Xbox Series S

    0 shares
    Share 0 Tweet 0
  • Contact

UK WIRE© 2022 All rights reserved | Connect with your Community

No Result
View All Result
  • Politics
  • World
  • Business
  • Science
  • UK News
  • Entertainment
  • Sports
  • Fashion
  • Lifestyle
  • Travel
  • Tech
  • Health
  • Food

UK WIRE© 2022 All rights reserved | Connect with your Community