聽聽The net book value of the assets sold is 拢49m. Springfield is paying 拢5m cash on completion of the deal and deferred cash consideration of 拢44m to be paid as developments are sold over the next three years.
Redrow's operation in Scotland consists of 8 sites with planning permission.聽
Redrow , saying that 鈥渢he operation there is not of sufficient scale to generate acceptable returns鈥�.
In the year ended 30 June 2010, Redrow's operation in Scotland made a pre-tax loss of 拢1.7m on a turnover of 拢31m.
Redrow said that the proceeds of the disposal will be used to buy land in other operations, mainly in London and the southeast.
Redrow chairman Steve Morgan said: "The Board is pleased to have secured a buyer for our operation in Scotland following a competitive process that we outlined in our April statement.聽 Springfield is a successful Scottish house builder and the transaction will substantially increase its presence in the central belt. The transaction will also provide our customers and employees with a good home for the future, whilst enabling Redrow to increase its investment in land in London and the southeast."
Family-owned Springfield Properties was established in 1956 and is part of property specialists Springfield Group. Chairman Sandy Adam is grandson of the company鈥檚 founder.
Since 1998, Springfield has built more than 2,000 homes in northeast Scotland.
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