Springfield Properties is set to acquire the Scottish housebuilding business of Mactaggart & Mickel Group for £46.3m.
This comprises £10.5m cash paid on completion and a deferred cash consideration of £35.8m to be paid as homes are sold over the next five years. The deal will be funded from Springfield’s internal resources and existing debt facilities with Bank of Scotland.
The group has acquired six live private and affordable sites with a fair value of approximately £15m, plus fixed assets. It has also bought a brand licence to build homes as Mactaggart & Mickel on a further 11 private and affordable sites.
