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Major UK house builders Vistry and Countryside complete merger
Leading house builders Vistry Group and Countryside Partnerships have announced the completion of their £1.2bn merger.
The deal will see the new combined company become the second biggest house builder in the UK, behind Barratt Homes.
A previous statement stated that the combined business revenue was expected to increase to more than £3bn per annum in the medium term.
In an announcement, Vistry and Countryside – the fifth and seventh biggest builders before the merger – said the combination of their shares was finalised on 11 November after being legally approved in the High Court the day before.
Greg Fitzgerald, chief executive of Vistry, described the deal as “a historic day for our business”.
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He added: “By combining Countryside with our already flourishing partnerships division, we create a leading capability across all housing tenures at a time when the need for affordable housing has never been keener.”
A statement issued by Vistry said the Countryside brand would be retained by the expanded partnerships division. It will be led by Stephen Teagle, chief executive of Vistry.
Before this role, he was boss at predecessor organisation Galliford Try.
Vistry was formed in 2020 after Bovis Homes acquired Galliford Try’s Partnerships and Linden Homes arms.
Mr Teagle said: “This combination of the two partnerships businesses is a unique opportunity to work at scale with our clients and partners to increase the supply and quality of new homes across a range of tenures.
“Countryside has a fantastic legacy of delivering high-quality regeneration schemes, which perfectly aligns with Vistry’s long-term partnering with clients and commitment to sustainable new communities.”
Mr Fitzgerald said the new organisation “stands ready to build thousands of new homes”.
He added: “In developing this unique enlarged group, we are bringing together the very best of both businesses.
“We will integrate the two groups quickly, and in line with our values of integrity, caring and quality, bringing together our talented people to power us to further success.”
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