Bovis Buys Elite Homes

On Friday Bovis Homes completed the purchase of Elite Homes for £26m in cash, they will also take on £46m of net debt, taking the total cost of the deal to £72m.Elite Homes is based in the north of England, with operations across the North West and Yorkshire.

Malcolm Harris, chief executive of Bovis Homes, said: “The acquisition represents a good opportunity for Bovis Homes to consolidate its presence in the north, developing its position in the market as part of its longer-term regional expansion plan.”

The move lifts Bovis Homes’ land holdings in the north by more than 800 consented plots and also offers an immediate opportunity to convert strategic land.