GALLIFORD Try has cut its exposure to the overheated flats market by 10 per cent with its acquisition of Grimsby-based house builder Chartdale for £67 million.
Galliford Try will pay this sum over two years for Chartdale, which has a 1,350-plot landbank that is nearly all for houses.
Greg Fitzgerald, Galliford's chief executive, said: 'Prior to this acquisition we had 2,550 plots and 35 per cent was for flats. Now that figure will be down to 25 per cent.' Chartdale sold 143 homes at an average price of £183,900 in the year to October 2005, which generated turnover of £26.3 million and pre-tax profits of £14 million.