Addleshaw Goddard advises shareholders of Tulloch Homes on sale to Springfield Properties
Addleshaw Goddard’s corporate team has advised the shareholders of Tulloch Homes on its sale to AIM-listed housebuilder Springfield Properties.
The deal 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 Addleshaw Goddard team advising on the sale was led by Glasgow-based partner, Anna Brown, and supported by Sarah Dick and David Kirchin.
Ms 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.”