Contractor acquires North Eastern affordable housing contractor with turnover of £23.3m
Galliford Try has made a move into the North East of England by buying affordable housing contractor Kendall Cross for £9.3m.
Kendall Cross is Galliford Try’s first sizeable acquisition for six months. Since January 2006, it has bought Morrison Construction, Chardale and Linden Homes for a combined total of £245m.
Its results, released in September, showed a 63% rise in pre-tax profits to £53m, with a turnover of £1.4bn.
Kendall Cross had a turnover of £23.3m and pre-tax profits of £1.6m in the year to 31 May 2007. Its net assets as completion are expected to stand at £3.7m
Greg Fitzgerald, chief executive of Galliford Try, said: “The acquisition of Kendall Cross provides an established platform to grow the business in the North East of England, an area in which we do not currently have a presence and in which we see considerable potential.”