Galliford Try has completed the £1.1bn sale of its housebuilding businesses to Bovis Homes.
The sale of Linden Homes and Galliford Try Partnerships includes shares, debt transfer and a £300m cash payment.
Galliford Try will now operate as a standalone construction business, concentrating on its main markets in building, highways and environment.
As expected, Bill Hocking, formerly chief executive of Galliford Try’s construction and investments business, has been appointed chief executive of Galliford Try Holdings, a newly-listed entity replacing the previous Galliford Try on the London Stock Exchange.
Other executive board members include finance director Andrew Duxbury and general counsel and company secretary Kevin Corbett, Ian Jubb, managing director of building, Vikki Skene, HR director and Mark Baxter, managing director of investments and specialist services.
The current plc board, led by non-executive chairman Peter Ventress, remains in place.
Hocking said: “I’d like to thank everyone involved in achieving the challenge of demerging our businesses. We have struck a favourable deal for our shareholders and one that will benefit both ourselves and Bovis Homes for years to come.
“I am excited by the bright future that lies ahead for Galliford Try as a well-capitalised, standalone, agile business and I look forward to working with our stakeholders to achieve our mutual objectives.”
