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Galliford Try buys stricken rival's assets for £7m

Galliford Try has bought up the residential development assets of Wright (Hull) Ltd for £7 million in cash.

Construction and housebuilding firm Galliford Try announced to the stock market today that it has entered into an agreement to acquire Wright (Hull) Limited’s assets from its administrative receivers.

The assets comprise five housing sites in the Hull and York areas totalling 147 plots.

Some 18 are complete and 63 are at an advanced stage of construction where the value of the building works completed has been assessed at £6 million.

The total acquisition is £7 million, to be settled in cash from the group’s resources and the sites will be managed from Galliford Try’s regional housebuilding office in Grimsby.

Chief executive Greg Fitzgerald said: “The acquisition of Wright Homes provides additional immediate points of sale and landbank that will add to our existing business based in the Lincolnshire and Humber area and extend its geographical reach for the future.

“We will continue to take a highly selective approach to the opportunities that arise to add to our housebuilding business in the current market and to enhance its positioning for the longer term.”