Housebuilder looks to expand footprint in the east of England.
Galliford Try is to buy regional housebuilder Chartdale for £67m cash. It described the acquisition of the Lincolnshire-based housebuilder as "a financially attractive opportunity" that would create a more diverse and balanced land bank within the group. At completion, Chartdale is expected to have a land bank of approximately 1,350 plots, most of which already have planning permission.
Galliford Try said that the integration of Chardale into the group would be overseen by the managing director of Stamford Homes, its eastern counties-based housebuilding subsidiary.
Greg Fitzgerald, chief executive of Galliford Try said: "This is an exciting acquisition for Galliford Try that we have secured without competition from other housebuilders. It fits our strategy of growing our housebuilding division through expansion in adjacent geographical locations. Chartdale expands our geographic footprint and raises the level of awareness of the enlarged business amongst land owners and agents, generating additional opportunities for house sales and land purchases."
The acquistion is subject to shareholder approval at an EGM to be held on February 15.