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Galliford Try abandons plans to takeover Bovis

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This is what happened…

Galliford Try has made the decision to abandon its plans to takeover Bovis.

The firm said it was unable to come to an agreement that would benefit its shareholders.

As well as this last month Redrow also abandoned an attempt to buy Bovis, this was due to a takeover offer being rejected.

Bovis has just made the announcement that Greg Fitzgerald will become the chief executive of the firm. He was once the chief executive of Galliford Try but left the firm in 2014.

The former chief executive of Bovis stepped down back in January, this was less that two weeks after the company spoke of disappointing profits.

The firm said its profits for 2016 would be lower than what was expected due the delays in construction of some homes.

In February, Bovis had to put aside £7m to compensate customers who were sold houses which were unfinished, they also had electrical and plumbing faults.

In a statement, Bovis was positive about its prospects: “Current sales and reservations are in line with the Board’s expectations and we are making good progress with our priorities for 2017.”

“In 2017, the group is focused on resetting the business and driving operational improvements through cost efficiencies, more effective build processes and improvements in quality.”

 




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