Addleshaw Goddard advised the shareholders of Tulloch Homes on the deal.Tulloch Homes has been sold 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 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 (Picture), and supported by Sarah Dick and David Kirchin.
Involved fees earner: Anna Brown – Addleshaw Goddard; Sarah Dick – Addleshaw Goddard; David Kirchin – Addleshaw Goddard; Law Firms: Addleshaw Goddard; Clients: Tulloch Homes;