Date 03 Jan 2020
Galliford Try, parent group of Morrison Construction announces that it has completed its planned demerger, following confirmation to the London Stock Exchange of the disposal of its housebuilding businesses to Bovis Homes plc.
The sale of Linden Homes and Galliford Try Partnerships has been achieved in a transaction valued at approximately £1.1bn, including shares, debt transfer and a £300m cash payment.
The latter leaves Galliford Try as a well-capitalised standalone construction business, concentrating on its main markets in Building, Highways and Environment, with key positions on the major public and regulated frameworks around the country.
Bill Hocking, formerly Chief Executive of Galliford Try’s Construction and Investments business, has been appointed Chief Executive of Galliford Try Holdings plc, a newly-listed entity replacing the previous Galliford Try plc on the London Stock Exchange.
He has been joined on the new Executive Board of the business by Finance Director Andrew Duxbury and General Counsel and Company Secretary Kevin Corbett. Ian Jubb, Managing Director of Building, Vikki Skene, HR Director and Mark Baxter, Managing Director of Investments and Specialist Services also become members of the Executive Board.
The current plc Board, led by Non-executive Chairman Peter Ventress, remains in place, with Bill Hocking joining in his role as Chief Executive.
Speaking on day one of the new business, Bill Hocking commented: “I’d like to thank everyone involved in achieving the challenge of demerging our businesses. We have struck a favourable deal for our shareholders and one that will benefit both ourselves and Bovis Homes for years to come.
“I am excited by the bright future that lies ahead for Galliford Try as a well-capitalised, standalone, agile business and I look forward to working with our stakeholders to achieve our mutual objectives.”