31st Jan 2022 11:24
(Alliance News) - Barratt Developments PLC on Monday said it has acquired Cheshire-based land promoter Gladman Developments Ltd for GBP250 million in cash on a debt- and cash-free basis.
Gladman operates in the UK but is mostly focused in the south of England. For the financial year that ended March 31 last year, Gladman reported a pretax profit of GBP6.9 million and had gross assets of GBP212.3 million. That Gladman sold 2,796 plots on 18 sites to housebuilders and housing association.
Once the acquisition is completed, Gladman will operate as a stand-alone business, and continue to supply land to third parties, providing Barratt an additional source for finding land and helping to promote Barratt's strategic land portfolio.
"Barratt has built a reputation for a disciplined and competitive approach to acquiring land and Gladman's strong credentials in identifying attractive land and promoting sites through the planning process will be an important addition to the group. As always, we are working hard to help address the shortage of homes across the country and today's acquisition of a long-standing and trusted partner will further strengthen our ability to deliver our medium-term target to build 20,000 high quality homes per year," aid Chief Operating Officer Steven Boyes.
Shares in Barratt Developments were up 0.8% at 610.40 pence on Monday in London.
By Dayo Laniyan; [email protected]
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