Acquisition Resources

Bovis Homes Group PLC has acquired Elite Homes Group Limited from its existing directors and related trusts for a cash consideration of £25.7m, plus assumption of £46.2m of net debt.

Elite Homes Group Limited is a homebuilder based in the north of England, with operations across the North West and Yorkshire. For the year ended 31st October 2006 its turnover was £58.4m, its profit before tax was £6.4m and its gross assets were £55m.

Bovis Homes Group Chief Executive, Malcolm Harris commented: "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. 

This improves Bovis Homes’ land holdings in the North by over 800 consented plots plus immediate opportunities to convert strategic land, and supports delivery of its existing growth plans in this region.”