McInerney’s says acquisition of northern housebuilder is part of plan to accelerate growth in UK
Irish developer, McInerney Holdings has acquired UK housebuilder, Bowey Homes for a total consideration of £23.6m.
McInerney Holdings managing director, Barry O’Connor said the acquisition was an acceleration of the group’s UK expansion plans.
According to the deal, Gateshead-based Bowey will form part of the McInerney Homes North Eastern region.
O’Connor added: “This significantly increases our area of operation in the north east of England. The Bowey area of operation has virtually no overlap with our existing operations in the north east. The acquisition is expected to immediately enhance earnings.”
Bowey reported a pre-tax profit of £3.85m for the year ended 31 October 2005.