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Bank snaps up Tulloch stake

Just days after taking an unspecified stake in Miller, banking group Bank of Scotland has bought a 40 per cent share in another Scottish house builder Tulloch.

The HBOS-owned bank has spent £27.5 million on the move which will see Tulloch chairman and chief executive David Sutherland remain at the Inverness-based group's largest shareholder with a 43 per cent slice.

Mr Sutherland said: "This is an excellent move for Tulloch Homes Group and I am delighted that our bankers of more than 20 years have decided to invest in our future.

"We currently have a significant landbank at current volumes of five years across Scotland and this investment by Bank of Scotland will give us the opportunity to grow our business even further.”

Bank of Scotland head of joint ventures transactions Gordon More said it had splashed out because it wanted a stake in a northern Scottish house builder. He added: "The north of Scotland housing market has strong growth potential over the coming years.”

Tulloch was established in 1925 and has three principal brands – Tulloch Homes, Tulloch Homes Express and Argyll Homes.