Johnston Carmichael supports Springfield Properties plc with latest acquisition

Gordon McCarlie

Gordon McCarlie

Corporate Finance Director

24 June 2022

Leading independent firm of chartered accountants and business advisers, Johnston Carmichael, has recently supported Springfield Properties plc with its acquisition of the Scottish housebuilding business of Mactaggart and Mickel Group Ltd ("Mactaggart and Mickel").

Johnston Carmichael’s Corporate Finance team was engaged by Springfield Properties to provide financial due diligence and lead advisory services, with the transaction also supported by the firm’s tax specialists and Financial Reporting Advisory Services team.

This is the fourth acquisition Johnston Carmichael has assisted Springfield Properties with, following its 2021 acquisition of Tulloch Homes, its 2019 acquisition of Larbert-headquartered Walker Group, and the acquisition of Glasgow-based Dawn Homes in 2018.

Springfield has been building homes since the 1990s, growing from its beginnings in Moray to become one of Scotland’s leading developers of private and affordable homes.

Mactaggart and Mickel was first established as a housebuilding company in 1925, and primarily targets the market in the Central Belt of Scotland.

Springfield’s acquisition of the Scottish housebuilding arm of Mactaggart and Mickel sees it take on six live private and affordable sites as well as a brand licence to build homes as Mactaggart and Mickel on a further 11 sites; equating to approximately 700 homes overall. The deal also encompasses a strategic agreement allowing Springfield opportunities for further acquisitions from Mactaggart and Mickel’s land bank.

Gordon McCarlie, Corporate Finance Director at Johnston Carmichael, said:

We are very pleased to have supported Springfield Properties once again as the group continues to bolster its expanding portfolio. We thoroughly enjoy working with the team and look forward to seeing them capitalise on the growth opportunities that this latest deal has generated.

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