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Fri January 28 2022

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Springfield buys Tulloch Homes

1 Dec 21 Springfield Properties has completed the acquisition of Tulloch Homes for a net figure of £56.4m.

 (from left) Sandy Grant (Tulloch Homes managing director), Innes Smith (Springfield chief executive), Sandy Adam (Springfield chairman) George Fraser (Tulloch Homes)
(from left) Sandy Grant (Tulloch Homes managing director), Innes Smith (Springfield chief executive), Sandy Adam (Springfield chairman) George Fraser (Tulloch Homes)

The deal, completed today (1st December), will see Inverness-based house-builder Tulloch Homes brought into the Springfield Group with both companies continuing to provide a mix of housing across the region.

Springfield, which was established in Moray and has been housebuilding since the 1990s, already has an established presence in Inverness through its Drumossie site, but said that it is now in a position to accelerate its geographical expansion, bringing new homes to the area.

Tulloch Homes will continue to operate under its own brand, with its senior management team and existing staff structures remaining in place. Longstanding chief executive George Fraser, who has been at the helm of Tulloch for many years, will be retiring. The company will now be led by the newly appointed managing director, Sandy Grant, who has been with Tulloch Homes for 18 years. He said: “Being a part of this larger group will create new opportunities for Tulloch, allowing for greater knowledge sharing and skills development amongst our people, whilst retaining the diversification in brands to offer choice to home buyers across the Highlands in and around Inverness.”

Springfield Group chief executive officer Innes Smith said: “Springfield and Tulloch are two companies founded in the North of Scotland which share similar values and aspirations to build excellent homes and create sustainable communities in Inverness, the Highlands and beyond.

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“It is a housebuilder with a fantastic reputation and a close bond with the local community. It is also led by an experienced management team, which has delivered excellent housing developments in Inverness and the Highlands and has set a high bar for its outstanding customer service.

“Inverness and the Highlands offer great places to live. Inverness is also Scotland’s fastest growing city and there is an ever-increasing demand for quality housing in the area.

“While Springfield has been building a presence across the city in recent years, working alongside Tulloch we can increase the delivery of high-quality homes that meet the city’s needs.”

This is the fourth business acquisition for Springfield Properties, following the purchase of Redrow’s Scottish operations in 2011 as well as the acquisition of Dawn Homes and Walker Group in 2018 and 2019 respectively.

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