Housebuilder Cala sold to L&G and Patron for £210m
Tuesday 19 March 2013
Cala, the upmarket housebuilder, has been sold to private equity buyers by Lloyds Banking Group for £210m.
Legal & General and Patron Capital Partners are taking equal stakes of 46.5 per cent alongside a 7 per cent holding for current management.
Cala was the first Scottish company to list on the London stock market, 137 years ago.
It was taken private by management with the backing of Bank of Scotland, which as part of HBOS was taken over by Lloyds during the banking crisis.
Cala had expanded too rapidly under former management and Lloyds was forced into a debt-for-equity swap in 2009 which gave it majority control of the business. Yesterday Lloyds agreed to provide a new £100m, five-year loan facility.
Alan Brown, the chief executive of Cala, said: "Having invested heavily in growing our land bank since 2010, we are now very well positioned to grow the business significantly over the next five years."
Cala returned to profit in the year to June 2011 for the first time since 2007. In the half year to last December it made a profit of £11.4m on a 35 per cent increase in home completions to 875.
- 1 Gwyneth Paltrow and Chris Martin file for divorce after 10 years of marriage
- 2 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 3 Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
- 4 Bookies now say Ed Miliband is more likely to be prime minister than David Cameron
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
Gwyneth Paltrow and Chris Martin file for divorce after 10 years of marriage
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Katie Hopkins on LBC: Listen to caller taking The Sun columnist to task over migrant comments
iJobs Money & Business
£12000 - £15000 per annum: Recruitment Genius: An expanding Insurance Brokerag...
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...