Larbert-based Springfield Properties has bought Livingston-based Walker Group for £31 million, in a move set to fuel expansion into the Edinburgh travel-to-work area.
The firm says the deal allows it to deliver housing more widely across Scotland, at a time when “supply continues to fall well short of demand” - and when house price growth is higher than the UK average.
The acquisition will see the group retaining Walker’s Livingston base, along with all of the firm’s 50 employees, and the Walker brand name.
Walker does not currently build affordable housing, but that will now change as development of its current land bank will require at least 346 affordable homes to be built - and this is seen as an opportunity for Springfield’s Affordable Housing division.
Springfield executive chairman Sandy Adam (pictured) said: “Walker Group has a reputation for building excellent homes in great locations.
“The ethos among employees and the quality and location of the land bank are a great fit for Springfield.
“The acquisition has enabled us to diversify our land bank with sites at various stages of planning and development in East Central Scotland, where we have been looking to strengthen our foothold.
“Walker’s active sites bring an immediate sales presence in new locations, and the sites in the pipeline further strengthen our land bank and enhance our quality of earnings”.
Innes Smith, CEO of Springfield, said: “The positive experience we have had with the acquisition and integration of Dawn Homes last year makes us confident that an established company with great people, product and reputation like Walker will be a further positive addition to our group”.