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Bovis Homes to become Vistry Group after completing "transformational" acquisition

The enlarged housebuilding business will operate with both the Bovis Homes and Linden Homes brands, maximising the opportunities from dual-branding.

Bovis Homes -
A Bovis home - presumably unfinished ...

Bovis Homes Group PLC (LON:BVS) is to become the Vistry Group after completing the acquisition of parts of Galliford Try Holdings PLC’s (LON:GFRD) business.

The company has flagged its intention to change its name last November. The Bovis brand became somewhat toxic in the wake of a 2016 scandal over poorly built homes but the company said it would continue to sell homes under that brand in the marketplace, despite the change in name of the company.

Nevertheless, having splashed out £1.08bn to buy Galliford Try’s Linden Homes and affordable housing arms the company is hoping to make a fresh start.

“The combination of these businesses with Bovis Homes creates a top-five housebuilder in the UK with the capacity to deliver over 12,000 homes per year in the medium term. It also gives us a leading position in the high-growth, more resilient partnerships market. Within the enlarged business, our commitment to ensuring the highest levels of build quality and customer satisfaction will remain central to everything we do,” said Greg Fitzgerald, the chief executive officer of Bovis.

With the completion of the acquisition, Galliford Try’s former chief executive officer, Graham Prothero, takes up his position as the chief operating officer of Bovis.

Bill Hocking has succeeded Prothero at Galliford Try.

Shares in Bovis were down 3.4% at 1,334p in early deals while Galliford Try’s shares were unchanged.

Quick facts: Vistry Group PLC

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Price: 1246 GBX

Market Cap: £2.77 billion

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