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Bovis Homes buys Elite Group

House builder Bovis Homes has acquired the Elite Homes Group, paying £25.7 million cash and assuming £46.2 million in debt for the private company.

Bovis chief executive Malcolm Harris said the deal would represented a good chance for his firm to consolidate operations in the north of England.

Elite Homes, which is based in Newton-le-Willows at Lancashire, in the North West, had a turnover of £58.4 million for the year to last October and a pre-tax profit of £6.4 million.

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