Galliford Try, the residential development and construction group, today announced it had taken over Linden Homes for £108.5m
The acquisition puts Galliford Try in the Top Ten of the UK’s largest quoted housebuilders, with more than 3,000 homes developed each year.
In a statement issued this morning, the Linden Board said it believed the housebuilding businesses of Galliford Try and Linden Homes were ‘extremely complementary’ and the combination would create a ‘significant business’.
Under terms of the deal, Galliford will also assume Linden Homes’ debt which is estimated to be in the region of £136m.
Galliford Try will retain the Linden Homes name in the south east of England, and also change the Try Homes businesses to operate under the Linden Homes banner. Linden Homes offices in Bristol and Southampton will also continue to trade under the Linden name.
Philip Davies, Linden Homes chief executive is expected to remain in place for a six-month period to oversee the integration of the business.