Print

UK homebuilding giants to merge

Two of the best known names in British house building today announced that the foundations had been laid for a merger between their respective operations. The two companies, Bryant Group and Beazer Group will each take a 50% stake in the new company, which is to be called Domus. The companies have a combined market capitalisation of £759 million, and a combined turnover of around £1.5 billion.

Obviously, senior management view the two businesses as a good fit with each other, as Beazer chairman Victor Benjamin noted, "Our brand strengths, land management skills and regional office structure are clearly complementary,"

The deal is intended to bring £20 million worth of cost savings each year, with £100 million to be returned to shareholders through special dividends, and a share buy-back programme.