Legal firm Addleshaw Goddard’s corporate team has advised the shareholders of Tulloch Homes on the sale of Tulloch Homes to AIM-listed housebuilder Springfield Properties.
The deal, completed today (Wednesday 1 December), will see Tulloch Homes acquired by Springfield Properties for a net consideration of £56.4m.
Established in Nairn in 1925 as a joinery business, Tulloch Homes has grown to become a successful housebuilder with significant land ownership in the Scottish Highlands around Inverness.
The acquisition sees the developer brought into the larger Springfield Group, with Tulloch Homes continuing to operate under its own brand with its existing staff structure still in place.
Springfield Properties is one of Scotland’s leading housebuilders of private and affordable homes. This is the fourth business acquisition for Springfield Properties, following the purchase of Redrow’s Scottish operations in 2011, as well as the acquisition of Dawn Homes and Walker Homes in 2018 and 2019 respectively.
By joining the Springfield Group, Tulloch Homes will enhance its capabilities, gaining access to increased resources and expertise as it continues to drive forward its growth strategy.
The Addleshaw Goddard team advising on the sale was led by Glasgow-based partner, Anna Brown, and supported by Sarah Dick and David Kirchin.
Anna Brown, corporate finance partner, said: “With many years of experience in delivering quality homes across the North of Scotland, Tulloch Homes has established itself as one of the country’s most successful regional housebuilders.
“Its sale to Springfield Properties underpins its ongoing strategy for growth, as Tulloch Homes targets new opportunities in the north while benefiting from increased support from a larger group.
“Building on Addleshaw Goddard's experience in the housebuilding sector, we are delighted to support the shareholders in this exciting transaction and the company on the next stage of its growth journey as part of the Springfield Group.
This sale also reflects the significant level of deal activity Addleshaw Goddard has concluded throughout Q4.
“We believe there is a shared confidence across the M&A market that deal activity will remain high as we look into the new year, thanks to increased confidence from business owners and a strong levels of interest from UK-based investors. Tulloch Homes’ acquisition by Springfield Group is testament to this.”
Sandy Grant, Tulloch Homes newly appointed Managing Director commented: "The team at Addleshaw Goddard were instrumental in delivering and closing this complex transaction on behalf of the shareholders, to a challenging timetable. We greatly valued the insight, support and expertise that Anna Brown and her team brought to the deal - as well as a measure of good humour."