Kier buys Lincolnshire housebuilder for £15m

Kier has bought Tudor Homes, a regional housebuilder operating mainly in south Lincolnshire for £15m.
Set up approximately two years ago, Tudor had an annual turnover of around £15m.
The business was run by a father and son team who had operated in the area for about 15 years.
Kier chief executive John Dodds said: "The acquisition continues our strategy of seeking growth in our housing operation by purchasing private housebuilders at asset value.
"It provides an 'in-fill' to Kier's current housing operations, widening and enhancing Allison Homes' area of activity."
Kier has taken on four of Tudor's sites in production. It has also bought the group's 350 plots with planning consent, plus 75 plots of strategic land in south Lincolnshire and north Cambridgeshire.
Tudor will be integrated with Allison Homes' operations under its current management team. All of the site staff have switched to the new employer, but Tudor's senior management team has been made redundant.
Kier bought Allison Homes for £17m in September 2001. It became the fourth regional brand name in the group's homes division.