Galliford Try has completed the sale of its housebuilding businesses to Bovis Homes receiving a £300m cash injection as part of the deal.
The £1.1bn sale of Linden Homes and Galliford Try Partnerships included shares in the Bovis Group, to be renamed Vistry Group, and a transfer of Galliford Try debt.
The deal leaves Galliford Try as a well-capitalised standalone contractor, focused on building, highways and environment markets.
Bill Hocking, formerly head of Galliford Try’s construction business, is now chief executive of Galliford Try Holdings, the newly-listed standalone business.
Its new executive board includes: finance director Andrew Duxbury; Ian Jubb, managing director of building; Vikki Skene, HR director; and Mark Baxter, managing director of investments and specialist services. Kevin Corbett is also on the board as company secretary.
The current plc board, led by non-executive chairman Peter Ventress, remains in place, with Bill Hocking joining in his role as chief executive.
Hocking said: “I am excited by the bright future that lies ahead for Galliford Try as a well-capitalised, standalone, agile business and I look forward to working with our stakeholders to achieve our mutual objectives.”
Bovis Homes has made an application today for its new corporate name, Vistry Group.
Although the enlarged housebuilding business will continue to operate with both the Bovis Homes and Linden Homes brands.
Greg Fitzgerald, CEO of Bovis Group, said: “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.”