Bovis Homes has completed the £1.1bn acquisition of Galliford Try’s Linden Homes and Partnership & Regeneration businesses.
Bovis Homes is also changing its group name to Vistry Group Plc as part of the integration process.
The name Vistry Group will be used for both house-building and partnerships businesses, retaining both the Bovis Homes and Linden Homes sub brands.
Chief executive Greg Fitzgerald said: “I am delighted that we have completed the exciting and transformational acquisition of the Linden Homes and Partnerhips & Regeneration businesses of Galliford Try Plc. The combination of these businesses with Bovis Homes creates a top five housebuilder in the UK with the capacity to deliver over 12,000 homes per year in the medium term. It also gives us a leading position in the high growth, more resilient partnerships market. Within the enlarged business, our commitment to ensuring the highest levels of build quality and customer satisfaction will remain central to everything we do”.
Bill Hocking, formerly chief executive of Galliford Try’s Construction and Investments business, has been appointed chief executive of Galliford Try Holdings Plc, a newly listed entity replacing the previous Galliford Try Plc on the London Stock Exchange.
He is joined on the new executive board of the business by finance director Andrew Duxbury and general counsel/company secretary Kevin Corbett. Ian Jubb, managing director of building, HR director Vikki Skene, and Mark Baxter, managing director of investments and specialist services are also on Galliford Try’s executive board.
The current Plc board, led by non-executive chairman Peter Ventress, remains in place with Bill Hocking now joining as chief executive.
Bill Hocking said: “I’d like to thank everyone involved in achieving the challenge of demerging our businesses. We have struck a favourable deal for our shareholders and one that will benefit both ourselves and Bovis Homes for years to come. I am excited by the bright future that lies ahead for Galliford Try as a well capitalised, standalone, agile business and I look forward to working with our stakeholders to achieve our mutual objectives”.