Taylor Wimpey sells Taylor Woodrow for £74m

Taylor Wimpey has sold its construction arm Taylor Woodrow to Vinci for £74m in cash.

Taylor Wimpey said the proceeds from the sale will be used for "general group purposes".

And it added that the long-awaited disposal was in line with its strategy of focusing on core housebuilding activities.

Taylor Wimpey group chief executive Pete Redfern said: "The construction business has developed an excellent reputation in its chosen markets and has been a valued part of Taylor Wimpey.

"However, given Taylor Wimpey's focus on its core housebuilding activities, we have been talking to Vinci Plc since February this year and I'm pleased to announce a successful conclusion today. The opportunities for the construction business are greater within a group focused on construction and facilities management, which will benefit its clients, staff and other stakeholders."

Taylor Woodrow generated £17.8 million in operating profit for the year ended 31 December 2007.