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Wed May 18 2022

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Scottish house-builder seeks AIM listing

12 Sep 17 Scottish house-builder Springfield Properties is seeking a listing on the London Stock Exchange’s Alternative Investment Market (AIM).

Finance director Michelle Motion, chairman Sandy Adam and chief executive Innes Smith
Finance director Michelle Motion, chairman Sandy Adam and chief executive Innes Smith

Springfield Properties has developed more than 4,000 homes in Scotland since 1988.

Including its unallocated land bank, the company has a land bank of more than 12,000 plots with a gross development value of more than £2bn. It is currently building on 29 active sites and has 33 planned future sites in its land bank.

It has plans to develop five villages but needs to raise cash to do this. A share placing through an initial public offering (IPO) is the owners’ preferred way of doing this.

The development of these villages is expected to involve net cash-outflows in relation to land purchases, remediation works and infrastructure of between £8m and £12m per site.

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The net proceeds of the placing, together with the company’s debt facilities and internally generated cash, will be used to bring forward the development of the five villages.

Executive chairman Sandy Adam said: “Throughout our history, Springfield’s strategies have achieved our aim of steady growth, doubling the company in size every five years. Our turnover exceeded £100m for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.

“Raising these funds is part of our strategy to secure ongoing growth at the same rate. The new funding will enable us to invest in the infrastructure of five new villages in Scotland, and in existing sites, accelerating the delivery of new homes, private and affordable, in new communities.

“Scotland needs more homes countrywide and Springfield is poised to play a significant part in delivering these homes for private individuals and across all tenures in the affordable and social housing sector.”

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