Galliford acquires Shepherd’s land assets

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Construction group Galliford Try has agreed to acquire Shepherd Group’s Yorkshire-based housebuilding land assets.

Galliford’s business Linden Homes exchanged contracts with Shepherd Homes to acquire six current sites and five sites in planning totalling a landbank of 515 plots.

Galliford said all its businesses had performed well at the beginning of 2015. Greg Fitzgerald, executive chairman, said: “We are pleased to report all businesses - Linden Homes, Partnerships and Construction - continue to perform well with favourable market demand against a background of continuing challenges on the labour supply side in all sectors.

“The Group expects to report full year results in line with analysts’ consensus.

“Conditions in the housing market remain positive and we have been encouraged by trading through the year so far, with sales below the exceptionally strong corresponding period although significantly above the previous six months July to December 2014. The land market continues to be good.”

The housebuilder said it had £982m sales reserved, contracted or completed across its Linden Homes and Galliford Try Partnerships businesses, of which £778 million is for the current financial year to 30 June 2015.

Addleshaw Goddard advised the Shepherd Group on the disposal of its land assets. As part of the deal 60 staff from Shepherd will transfer over to Galliford.