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Persimmon buys Merewood
16:48 11 Jun 2003
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Persimmon has bought North East-based housebuilder Merewood for
£22.6m.
Merewood operates under two brands - Merewood Homes and Crowther Homes - in Lancashire and Cumbria. Last year the group completed 281 new home sales with an average selling price of £126,000, which produced a revenue of £35.4m.
The acquisition includes £9m of debt, a landbank in excess of 1,000 plots, plus 30ha of land. Merewood will be merged with Persimmon's northern operation and rebranded under its new parent's name.
The merger will result in savings in overheads, benefits in purchasing power and opportunities to introduce a wider range of houses.
Persimmon group chief executive John Wite said: "The majority of the acquired land is either being developed or is ready for immediate use.
"It has been purchased at better prices than are available on the open market."
Merewood operates under two brands - Merewood Homes and Crowther Homes - in Lancashire and Cumbria. Last year the group completed 281 new home sales with an average selling price of £126,000, which produced a revenue of £35.4m.
The acquisition includes £9m of debt, a landbank in excess of 1,000 plots, plus 30ha of land. Merewood will be merged with Persimmon's northern operation and rebranded under its new parent's name.
The merger will result in savings in overheads, benefits in purchasing power and opportunities to introduce a wider range of houses.
Persimmon group chief executive John Wite said: "The majority of the acquired land is either being developed or is ready for immediate use.
"It has been purchased at better prices than are available on the open market."
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