Product category:
Design and Build Services
News Release from: McInerney Group UK
Edited by the Buildingtalk Editorial
Team on 04 August 2006
McInerney Holdings acquire Bowey Homes
Holdings
McInerney Holdings plc, has announced the acquisition of Bowey Homes Holdings, with immediate effect.
McInerney Holdings plc, has announced the acquisition of Bowey Homes Holdings, with immediate effect Bowey is based in Gateshead
This article was originally published on Buildingtalk on 15 Jan 2003 at 8.00am (UK)
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The Bowey acquisition supports McInerney's strategy in the UK market of securing earnings growth both organically and through acquisition.
The acquisition of Bowey is a further step towards achieving the Group's ambition to grow its UK operations to a scale and size similar to McInerney's Irish home building division.
Commenting on the acquisition, Adrian Coleman, Group Acquisition Director said: "This acquisition is an acceleration of our UK expansion plans".
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"It significantly increases our area of operation in the North East of England".
"The Bowey area of operation has virtually no overlap with our existing operations in the North East".
"The acquisition is expected to immediately enhance earnings".
"It significantly adds to our UK operational capability, product mix and management team".
"McInerney already has a strong presence in the North East of England housing market with a population of almost 3 million people and annual home completions of circa 8,000 homes per annum".
"This acquisition will enable the Group to take best advantage of an enlarged landbank and pipeline of land opportunity to meet housing demand in this market".
"We will be continuing to look at other earning enhancing opportunities to add to our portfolio in the UK".
Bowey was founded in 1907 and operates in the Newcastle, Sunderland, Durham, Consett and Northumberland areas.
Bowey specialises in developing a mix of brownfield and greenfield sites.
Its activities are focused on providing homes for the owner occupier market.
Bowey has an established reputation as one of the leading quality home builders in the North East region of England.
Post acquisition, Bowey will operate as part of the McInerney Homes North Eastern region.
Consideration.
Total consideration of £23.6 million is payable upon completion plus the assumption of net bank debt liabilities of £6.94 million.
Business.
Bowey is an established regional home builder and is currently active on 13 sites involving 397 units.
Bowey has a pipeline of land opportunities consisting of 5 sites representing circa 200 potential units.
Bowey has deposits on hand for 60 house completions.
Annual completions have averaged at 135 in recent years.
Bowey Financial Results.
Bowey reported a profit before tax of £3.847 million for the year ended 31 October 2005.
Net assets at the last audited financial accounts for the year ended 31 October 2005 were £10.768 million.
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