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01/12/2021

Springfield Properties Acquires Tulloch Homes

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Springfield Properties has acquired Inverness-based housebuilder Tulloch Homes for a net consideration of over £56 million.

The deal will see Tulloch Homes brought into the Springfield Group with both companies continuing to provide a mix of high-quality housing across the region.

Established in Moray and housebuilding since the 1990s, Springfield has grown to become one of Scotland's leading developers of private and affordable homes, creating new communities right across the country. It already has an established presence in Inverness through its popular Drumossie site, but it is now in a position to accelerate its geographical expansion, bringing much needed new homes to the area.

The deal also allows the Springfield Group to reinforce its supply chain capabilities, creating new jobs through access to the local labour market and subcontractors, while also building on its successful apprentice and training programme.

Tulloch Homes will continue to operate under its own brand, with its senior management team and existing staff structures remaining in place. Longstanding Chief Executive, George Fraser, who has been at the helm of Tulloch for many years and driven a number of its successes, will be retiring. The company will now be led by the newly appointed Managing Director, Sandy Grant, who has been with Tulloch Homes for 18 years.

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By joining the Springfield Group, Tulloch's capabilities will naturally be enhanced. Through access to increased resource support and expertise it will be able to drive forward new opportunities for its people, meet future ambitions in the journey towards net zero and continue to provide high-quality homes for its customers.

Chief Executive Officer of Springfield Group, Innes Smith, said: "Springfield and Tulloch are two companies founded in the North of Scotland which share similar values and aspirations to build excellent homes and create sustainable communities in Inverness, the Highlands and beyond.

|It is a housebuilder with a fantastic reputation and a close bond with the local community. It is also led by an experienced management team, which has delivered excellent housing developments in Inverness and the Highlands and has set a high bar for its outstanding customer service.

"Inverness and the Highlands offer great places to live. Inverness is also Scotland's fastest growing city and there is an ever-increasing demand for quality housing in the area.

"While Springfield has been building a presence across the city in recent years, working alongside Tulloch we can increase the delivery of high-quality homes that meet the city’s needs.

"We have always admired Tulloch, and its people, and we look forward to welcoming them into the Springfield Group and continuing to grow our businesses together.

"I would also like to thank all those who have been working behind the scenes to help us conclude this deal, including our funding partner, the Bank of Scotland, and EY's Corporate Finance team which structured the acquisition."

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