Bovis looks North with £25.7m deal

Oct 13 2007 by Iain Laing, The Journal

BOVIS Homes has boosted its presence in the North by agreeing to buy regional builder Elite Homes for £25.7m.

Longfield, Kent-based Bovis said the acquisition of Elite improved its consented land holdings by more than 800 plots. Elite is headquartered at Newton-le-Willows, Merseyside, but sells homes across the North-West and Yorkshire. As well as paying £25.7m to existing directors and related trusts, Bovis will assume £46.2m of debt through the deal.

Elite achieved sales of £58.4m in the 12 months to October 31 last year, while pre-tax profits were £6.4m.

Bovis chief executive Malcolm Harris said: “This acquisition represents a good opportunity for Bovis Homes to consolidate its presence in the north of England, developing its position in this important market as part of its longer term regional expansion plans.”

Bovis recently posted a 10% rise in pre-tax profits to £58.4m for the six months to June 30, buoyed by strong profits from land sales.