{"id":115027,"date":"2022-09-05T12:23:38","date_gmt":"2022-09-05T11:23:38","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=115027"},"modified":"2022-09-05T12:23:38","modified_gmt":"2022-09-05T11:23:38","slug":"vistry-buys-countryside-properties-for-1-25bn","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/vistry-buys-countryside-properties-for-1-25bn\/115027\/","title":{"rendered":"Vistry buys Countryside Properties for \u00a31.25bn"},"content":{"rendered":"

Vistry buys Countryside Properties in a deal worth \u00a31.25bn, adding to Vistry Group’s existing brands<\/a> including Bovis Homes and Linden Homes<\/h2>\n

Vistry Group<\/a> has announced that it will buy out rival Countryside Properties in a cash and share deal worth \u00a31.25bn, creating the third-largest housebuilder in the country.<\/p>\n

Countryside shareholders will receive 0.255 of a Vistry share and 60p in cash for every Countryside share they held – leaving them with 37% of the merged business.<\/p>\n

The takeover is expected to be complete by the end of the first quarter of 2023 with the vision that they will generate revenue of \u00a33bn+ a year.<\/p>\n

Vistry buys Countryside to ‘expand the delivery of much-needed affordable housing across England’<\/h3>\n

Greg Fitzgerald, chief executive officer of Vistry, said: “This proposed combination has a highly compelling strategic rationale. It will create a leader in the partnerships housing sector, with the scale and expertise to accelerate profitable growth across both partnerships and house building, and expand the delivery of much-needed affordable housing<\/a> across England.<\/p>\n

“The proposed combination will add the strength of the Countryside brand to Vistry\u2019s own well-established Bovis Homes and Linden Homes brands and will leverage the skills and market knowledge of both the Countryside and Vistry teams.<\/p>\n

“We believe there is clear potential to generate material value for both Vistry and Countryside shareholders and wider stakeholders from a combined group with enhanced scale and superior returns and to improve the performance of key parts of Countryside\u2019s business.<\/p>\n

\u201cWe welcome the support of the Countryside board and the support we have already received from a significant proportion of Countryside shareholders.”<\/p>\n

Douglas Hurt, the chairman of Countryside, said: “The combination will create a leading, enlarged partnerships business and is an opportunity to leverage both Countryside\u2019s brand and place-making experience with the growing Vistry partnerships business, alongside Vistry\u2019s established housebuilding business.<\/p>\n

“The scale of the combined group will enable the delivery of synergies, operating efficiencies and further growth for the benefit of Countryside Shareholders and wider stakeholders.”<\/p>\n

Countryside uses\u00a0timber frame construction on 59% of its homes<\/h3>\n

Vistry noted Countryside’s modern methods of construction capability as one of the reasons for the takeover. Countryside already uses off-site timber frame construction<\/a> on 59% of its homes.<\/p>\n

Together, Vistry and Countryside have a combined land bank of more than 80,000 plots.<\/p>\n

The deal will create new appointments<\/h3>\n

The new board structure comprises:<\/p>\n