Contractor and housebuilder Kier Group has bought regional housebuilder Hugh Bourn Developments for more than £50m.
Kier Homes Northern, a wholly owned subsidiary of Kier Residential, has bought out the Bourn family for £53m.
Hugh Bourn, which is based in north Lincolnshire, will become the fifth division of Kier Group’s residential business, operating to the north of Allison Homes, its East Anglian division.
Hugh Bourn has 1197 residential plots, most of which have outline or detailed planning consent.
John Dodds, chief executive, said of the off-market deal: “I anticipate that this transaction will provide a return on our investment in the first year.”
Kier is expected to announce its full-year results to 30 June 2006 on 14 September.