Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Springfield hopes latest acquisition is a new dawn

L-R: Innes Smith / Sandy Adam / Alan Macdonald / Martin Egan
L-R: Innes Smith / Sandy Adam / Alan Macdonald / Martin Egan

North-east housebuilder Springfield Properties has acquired Glasgow-based Dawn Homes for up to £20.1 million.

The listed company, which floated on the stock market last autumn, announced the takeover yesterday morning. It said it has conditionally raised £15m through the placing of 12.5m new ordinary shares with new and existing investors.

The firm said under the terms of the acquisition, it will pay an initial £17.6m, of which £15.5m will be settled in cash, with £2.1m being satisfied by the issue of 1.75m new shares.

It added an additional £2.5m may be payable in cash, depending on the company receiving zoning on Dawn Homes’ site at Johnstone, near Glasgow.

Sandy Adam, executive chairman of the company, said: “This was a rare opportunity to acquire a profitable company that builds great homes.

“Dawn Homes is a well-run business with an excellent reputation in western central Scotland. There is a massive need for more housing in Scotland and Springfield will play a significant part in addressing that need.”

Innes Smith, chief executive, added: “The acquisition is part of our stated strategy of accelerating growth through expansion into new areas. Through the purchase of Dawn Homes, we have gained another foothold in another part of Scotland. The focus of both companies continues to be looking after our customers, building great homes and building more homes.”

The directors of the firm believe the takeover will accelerate the company’s growth and significantly enhance its earnings in the first full year.

Dawn Homes sold 87 houses in the year to end January 2018 at an average selling price of £220,000.