Staff at the Larbert offices of a major housebuilder have been told their jobs are safe following a takeover.
The Scottish operation of Redrow has been purchased by Elgin-based Springfield Properties in a £49 million deal, putting it in the top flight of the country’s housebuilders.
Despite the gloom surrounding the new property market, Springfield bosses said they realised this was the right move for them.
Sandy Adam, chairman of Springfield Properties, said: “Over the last few years, we have been able to carefully manage our business and steer it through the difficult economic situation with the aim of expanding operations throughout Scotland when market conditions were right.
“Last year we began that process by assembling new sites and strengthening our senior management team. Prior to this deal we added 1500 development sites to our portfolio in 2011 and, after the deal, we’re still in the market for land and sites.”
Springfield will establish its Central Scotland operation at Redrow’s Larbert office, while retaining its Elgin headquarters.
Redrow currently employs 60 people in Scotland and their positions will transfer to the new owners under a TUPE (Transfer of Undertakings Protection of Employment) agreement.
Springfield will now operate across 30 housebuilding sites and has plans to build 500 new homes per year.
It is paying £5 million up front and the remaining £44 million will be paid as developments are sold over the next three years.
Mr Adam added: ““When Redrow announced its intention to sell its Scottish business, we saw a major opportunity to consolidate this growth. This deal is an exciting for Springfield, giving us great new locations and the platform to provide our quality homes for customers throughout Scotland. Redrow’s focus on design and craftsmanship sits well with our own emphasis on delivering quality and value.”