Persimmon PLC
14 December 2005
Persimmon Buys Carlisle House Builder for £25 million
Persimmon plc today announces the acquisition of the entire issued share capital
of Senator Homes Limited for a total consideration of £25m, comprising cash
consideration of £14.8m and assumed debt of £10.2m. This purchase has been
funded from existing group facilities.
Senator Homes is a regional house-building company operating in Dumfries,
Lockerbie and Cumbria. In 2004, Senator Homes legally completed 211 new homes
with an average selling price of £150,000. Senator Homes' landbank extends to
approximately 800 plots, of which some 500 are in Cumbria and 300 are in
Dumfries and Lockerbie. In addition, Senator Homes owns approximately 80 acres
of strategic land and has options to acquire a further 340 acres.
This acquisition will further strengthen Persimmon's operations in the region
and be quickly integrated into our Lancashire and West Scotland operating
businesses.
John White, Group Chief Executive, said:
'Persimmon is very pleased to be buying Senator Homes. The company has an
attractive landbank, which complements the enlarged Persimmon Group's regional
presence.'
Persimmon will issue a full year trading update on Friday, 16 December 2005.
For further information, please contact:
Edward Orlebar
Kirsty Flockhart
Finsbury Group
Tel: 020 7251 3801
Print resolution images of Persimmon plc management are available for media
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This information is provided by RNS
The company news service from the London Stock Exchange
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