Bovis in post-deal rebranding

Bovis Homes is to rename itself Vistry Group after sealing the £1.1 billion acquisition of Galliford Try’s housebuilding operations.

The group yesterday said it had completed the deal to buy Linden Homes, after agreeing to the tie-up in November. The listed entity will be rebranded to cover both the enlarged group’s housebuilding and partnerships businesses.

The agreement will see Galliford Try shareholders take a 29.3 per cent shareholding in the Bovis Homes group.

Greg Fitzgerald, chief executive of Bovis Homes, whose housebuilding activities are focused south of the Border, said: “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.

“Within the enlarged business, our commitment to ensuring the highest levels of build quality and customer satisfaction will remain central to everything we do.

“We would like to thank all shareholders for their engagement in this process and look forward to delivering the clear strategic and financial benefits of this combination.”

Overthepastyear,thelinden Homes business completed 3,229 homes, 2,227 of which were private housing, with the remainder affordable.

The deal also sees Bovis acquire Galliford’s housing partnerships business, which delivered 1,178 homes over the said period.

Bovis also confirmed that former Galliford Try boss Graham Prothero had joined the company’s board.

Separately, Galliford Try said Bill Hocking, who was previously the chief of the company’s construction and investments arm, had replaced Prothero as its new chief executive.

Galliford Try chairman Peter Ventress said: “On behalf of the board I thank Graham for his contribution to the group and the transaction.”