Bovis Homes is buying one of its rivals in order grow its business in the north of England, it has emerged.
The property developer has said it will buy Elite Homes for £25.7 million, thereby adding hundreds of plots of land to its portfolio.
Elite Homes, whose gross assets amounted to £55 million last year, sells new homes in Yorkshire and the north-west.
"This acquisition represents a good opportunity for Bovis Homes to consolidate its presence in the north of England," said Bovis chief executive Malcolm Harris.
"This improves Bovis Homes' land holdings in the north by over 800 consented plots plus immediate opportunities to convert strategic land."
Among Bovis' northwest developments with homes for sale is Tyldesley Square in west Manchester.
The Wigan development is made up of one and two-bedroom properties, including starter homes and apartments.
See Also: Property News (5994)
Date Published: 16 October 2007
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