This includes six live development sites and 11 future private and affordable sites across Scotland’s Central Belt. Under this agreement, Springfield Properties will deliver homes on these sites under Mactaggart & Mickel's brand over the next three years.
Springfield Properties has also acquired Mactaggart & Mickel's Timber Systems operation and the companies have entered a strategic alliance that gives Springfield opportunities for future acquisitions of sites from Mactaggart & Mickel’s strategic land portfolio across Scotland. These moves support the delivery ambitions for both companies.
Mactaggart & Mickel's Scottish homebuilding business will continue to operate within the Springfield Group under its own brand, led by its existing directors Peter Shepherd, Marion Forbes and Joanne Casey. All employees working on Mactaggart & Mickel’s development sites, and the Timber Systems business retain their jobs under the agreement.
The announcement also marks a change for Mactaggart & Mickel's leadership. Ed Monaghan is to retire in October as Group CEO after working for the company for more than 40 years, including more than 15 as Chief Executive. Paul McAninch, who has been Mactaggart & Mickel's Group Finance Director for more than seven years, will lead the Group as its new CEO.
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Paul McAninch said: "This agreement enables us to focus on our future investment strategy, which has served the group well in recent years. We are actively looking to expand into new projects and increase our presence and development activity across the UK.
"This will also enable us to enhance our private rented sector portfolio, expand our strategic land ambitions and provide a platform for future joint venture interests. This stands us in good stead as we head into our second century in business.
"Since we were established in 1925, Mactaggart & Mickel has adapted as circumstances around us have changed.
"This supports Scotland’s housebuilding supply chain, which has been tested during the last two years and provides a strong platform for the group’s future as it looks to its one hundredth year in business.
"Mactaggart & Mickel has a strong history and is well known and respected in Scotland. Its tradition of delivering excellence continues through this agreement. We would like to thank our employees for their dedication over the years and we look forward to working with them through this new partnership."
Separately, Mactaggart & Mickel’s Investments; Strategic Land; Commercial Property; Private Rental Sector (Lettings); and Contracts divisions will remain under Mactaggart & Mickel Group control. Following the agreement, Mactaggart & Mickel will continue to grow its strategic land business, which includes around 2,300 acres of sites and a growing portfolio of around 3,600 acres in England, and its portfolio of private rented homes. Both divisions are part of a family-owned group of companies with assets valued at £150m.
Innes Smith, Chief Executive Officer of Springfield Properties, commented: "Built up over 100 years in housebuilding, Mactaggart & Mickel has an outstanding reputation for building high-quality, premium homes backed up by their consistently outstanding levels of customer satisfaction and recognition received through numerus industry awards.
"The acquisition of Mactaggart & Mickel's housebuilding business brings with it that strong reputation along with great people and brilliant sites in fantastic locations, this includes the impressive Sandringham Gate development in Newton Mearns.
"The addition of a timber frame facility in the Central Belt, alongside our existing facility in Elgin, secures Springfield's supply of timber kits, providing further capacity for growth while reducing our carbon footprint by enabling local manufacture of all kits.
"Our thanks go to our funding partner the Bank of Scotland for supporting this growth opportunity."
