13th Jun 2005 07:01
Kier Group PLC13 June 2005 13 June 2005 KIER GROUP PLC ACQUISITION OF ASHWOOD HOMES FOR £23.5M Kier Group plc, the major construction, support services, homes and propertygroup announces that it has acquired the business of Ashwood Homes, a regionalhousebuilder operating in Lincolnshire and North Cambridgeshire. Allison Homes Eastern and Twigden Homes (subsidiaries of Kier Group) haveacquired land, work in progress and related assets from Ashwood Homes (Holbeach)Limited for £23.5m in cash, representing the value of these assets. £15.0m hasbeen paid on completion of the transaction with £8.5m deferred until March 2006.The acquisition is being funded from Kier's cash balances and bankingfacilities. 389 plots have been acquired with planning consent and will be integrated intoAllison Homes' and Twigden Homes' operations under their respective managementteams. John Dodds, Chief Executive of Kier Group, said: "This transaction, which is part of our ongoing strategy to expand andstrengthen the residential division, has provided us with a good opportunity toacquire land off market in areas in which we are currently operating and willprovide a return on our investment immediately. It is similar in nature to theTudor Homes transaction completed last year which has proved to be verysuccessful." - ENDS - For further information, please contact: John Dodds, Chief ExecutiveKier Group plc Tel: 01767 640111 Deena Mattar, Finance DirectorKier Group plc Tel: 01767 640111 Caroline SturdyMadano Partnership Tel: 020 7378 7033 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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