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Telford homes to buy Clifford Contracting for £6.3m

East London residential developer Telford Homes is buying Clifford Contracting for £6.3 million from Puma Venture Capital.

Clifford Contracting reported an operating profit of £35,000 in the financial year to 30 April 2009 but holds cash balances of £6.3 million.

As a result of the purchase Telford will issue 1.1 million new 10 pence shares, which are expected to be on the stock market on 30 June 2009.

Telford’s directors said that, in addition to a contracting business, the acquisition will provide the company with a flexible form of funding for failed completions and unsold properties.