Deal will open up the south of England, says companmy boss

Galliford Try has completed the acquisition of Hampshire-based housebuilder, the Drew Smith group.

The purchase, financial details of which were not revealed, comes after the recent publication of Galliford Try Partnerships’ new strategy of targeting growth in key regions across the UK where it has yet to establish a presence and can increase the supply of new homes.

Galliford Try said the current Drew Smith management team and staff would remain in place, working within the Galliford Try group to accelerate their growth plans for the south of England. Drew Smith’s headcount is currently 80.

In a statement Galliford Try said the acquisition of Drew Smith Limited and Drew Smith Homes provided “an excellent operational fit for our Partnerships’ business”.

Stephen Teagle, chief executive of partnerships & regeneration for Galliford Try, added: “The Southern region holds great potential for us to expand our regeneration offering and help accelerate delivery.”

According to annual accounts filed with Companies House, in 2015 Drew Smith Homes Limited posted revenue of £582,171, down 92% on the previous year.

The business recorded a pre-tax loss in 2015 of £350,419, against a profit of £871,950 in 2014.