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Bovis completes £1.1bn Galliford Try deal and reveals new name
Bovis Homes has completed its £1.1bn deal to buy rival Galliford Try’s Linden Homes and Partnerships & Regeneration businesses and changed its name to Vistry Group.
The new name will be used for the combined business, although the Bovis Homes and Linden Homes brands will still be used on developments, the company said.
Bovis revealed its intention to buy the two housebuilding divisions from Galliford Try last autumn.
In a note to the stock market at the time, Bovis said the acquisition would give the company a leading position in the high growth, resilient partnerships and regeneration market as well as shift the partnerships’ revenue towards higher-margin land-led development.
Greg Fitzgerald, chief executive of Bovis Homes, had said the deal would make the new organisation the “partner of choice” for affordable housing providers.
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Mr Fitzgerald said on Friday: “The combination of these businesses with Bovis Homes creates a top-five house builder 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.”
The tie-up will see Galliford Try shareholders take a 29.3% shareholding in the Bovis Homes group. Graham Prothero, chief executive of Galliford Try, has become chief operating officer of the company.
In a separate announcement, Galliford Try said that Bill Hocking, who was previously the chief of the company’s construction and investments division, has replaced Mr Prothero as its new chief executive.
