14th Dec 2005 07:01
Persimmon PLC14 December 2005 Persimmon Buys Carlisle House Builder for £25 million Persimmon plc today announces the acquisition of the entire issued share capitalof Senator Homes Limited for a total consideration of £25m, comprising cashconsideration of £14.8m and assumed debt of £10.2m. This purchase has beenfunded from existing group facilities. Senator Homes is a regional house-building company operating in Dumfries,Lockerbie and Cumbria. In 2004, Senator Homes legally completed 211 new homeswith an average selling price of £150,000. Senator Homes' landbank extends toapproximately 800 plots, of which some 500 are in Cumbria and 300 are inDumfries and Lockerbie. In addition, Senator Homes owns approximately 80 acresof strategic land and has options to acquire a further 340 acres. This acquisition will further strengthen Persimmon's operations in the regionand be quickly integrated into our Lancashire and West Scotland operatingbusinesses. John White, Group Chief Executive, said: "Persimmon is very pleased to be buying Senator Homes. The company has anattractive landbank, which complements the enlarged Persimmon Group's regionalpresence." Persimmon will issue a full year trading update on Friday, 16 December 2005. For further information, please contact: Edward OrlebarKirsty FlockhartFinsbury GroupTel: 020 7251 3801 Print resolution images of Persimmon plc management are available for mediadownload at www.newscast.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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