Kier Group has bought Lincolnshire-based housebuilder Hugh Bourn Developments.
Kier Homes Northern, a wholly owned subsidiary of Kier Residential, has paid the Bourn family £53.3m for the company.
The consideration will be funded from Kier’s cash balances and banking facilities, with £20m paid on completion and the balance due in equal instalments on 2 July 2007 and 1 July 2008.
Bourn has operated in Lincolnshire for over 30 years and will form the foundation for a fifth division of Kier Group’s residential business, enabling expansion to the north of its Allison Homes operations.
Most of the 1,197 residential plots acquired have either outline or detailed planning consents and include a small number of built and partially built units.
References: EGi News 01/08/06
