22nd Jun 2022 12:31
Springfield Properties PLC - housebuilder in Scotland - Signs deal to buy Scottish housebuilding business of Mactaggart & Mickel Group Ltd for GBP46.3 million. This comprises GBP10.5 million to be paid in cash on completion, and a deferred cash consideration of GBP35.8m to be paid proportionally as homes are sold over the next five years. For the financial year ended May 31, the group expects to report results in line with market expectations, with good revenue growth and a better-than-expected reduction in net debt to about GBP39.0 million annually. The acquisition will be funded from the company's internal resources and existing debt facilities with Bank of Scotland. Read More
