Springfield buys Edinburgh rival for £31m

Sandy Adam

Springfield Properties, the Scottish housebuilder has paid £31m to buy Livingstone-based rival Walker Holdings.

The takeover is funded from Springfield’s existing cash balances and borrowing facilities with Bank of Scotland. Springfield has paid an initial £21m in cash, while the balance will be paid in four tranches. £4m will be paid in cash on receipt of planning consent at a site at Carlaverock, Tranent, while £2m will be paid after planning consent on all of the sites at the scheme. The final £4m is payable in equal amounts on the first and second anniversary of the completion of the acquisition.

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