Residential property developers Remo Dipre and David Gaffney have acquired Manor Kingdom, an upmarket housebuilder based in Scotland.
Manor Kingdom, based in Dunfermline, will retain its independence as part of the deal and its headquarters will remain in Scotland.
Approximately 100 staff are employed by Manor Kingdom in Dunfermline and on sites across Scotland.
Following the acquisition, the company hopes to expand the Manor Kingdom brand to other parts of the UK and roll out new development sites in both Scotland and England.
It is envisaged that a new regional office will also be established by Manor Kingdom in Epsom, Surrey, over the next 12 months.
Manor Kingdom currently has development sites with a total end value of over £150m under its control.
Current Manor Kingdom owner and main shareholder Keith Punler will step down from his position as chief executive of the company as part of the deal.
Manor Kingdom was established in 1986.
References: EGi News 02/11/04
