Tulloch Homes taken over by Springfield Properties

The deal is the latest acquisition by Springfield

Tulloch Homes, the largest housebuilder in the Highlands, has been taken over by Moray-based Springfield Properties in a £56.4m deal.

Inverness-based Tulloch Homes marked its 95th anniversary last year.

Established in Nairn in 1925, the company has constructed thousands of homes across the Highlands.

Springfield Properties has been building homes since the 1990s and has a development at Drumossie in Inverness.

The company said the deal would help the wider Springfield Group to reinforce its supply chain capabilities, creating new jobs through access to the local labour market and subcontractors, while also building on its apprentice and training programme.

Tulloch Homes will continue to operate under its own brand, with its senior management team and existing staff structures remaining in place.

Long-standing chief executive George Fraser will be retiring.

'Fastest growing city'

Innes Smith, chief executive of the Springfield Group, said the two companies shared similar values and aspirations.

He added: "Inverness and the Highlands offer great places to live. Inverness is also Scotland's fastest growing city and there is an ever-increasing demand for quality housing in the area."

Tulloch's newly appointed managing director Sandy Grant said joining the Springfield Group opened "an exciting new chapter" for the company.

He said: "Being a part of this larger group will create new opportunities for Tulloch, allowing for greater knowledge sharing and skills development amongst our people, whilst retaining the diversification in brands to offer choice to home buyers across the Highlands in and around Inverness."

This is the fourth business acquisition for Springfield Properties following the purchase of Welsh company Redrow's Scottish operations in 2011 as well as the acquisition of Glasgow-based Dawn Homes and Larbert-headquartered Walker Group in 2018 and 2019.