Taggart Holdings Makes Significant UK Acquisition
06.02.2006 - Taggart Holdings, the successful Irish based property
developer, is pleased to announce that it has acquired 100% of Cecil
M. Yuill Limited, a housebuilder based in Hartlepool in the North
East of England, for a substantial consideration.
Cecil M Yuill has been established for nearly 80 years and is one
of the leading house builders in North East England. The Yuill Homes
brand is synonymous with premium build quality and practice. It currently
employs over 200 people and builds over 300 units annually. In the
year ended 2 April 2005 Cecil M Yuill had turnover of Stg. £58.5
million and profit before tax of Stg £15.1 million.
Commenting on the acquisition Michael Taggart, Director of Taggart
Holdings said: “This significant acquisition is in line with
our strategy to maintain the growth and momentum of our operations
in Taggart Holdings’ core markets of Ireland and the UK. It
provides us with increased presence in the North of England, complements
the Group’s existing Manchester based operations and offers
us a platform to take advantage of, what we believe will be, a strong
housing market in the UK over the next number of years”
“Yuill represents an excellent corporate and cultural fit with
Taggart and we are delighted to be gaining access to a high quality
team led by David McNaught,” he added.
Also commenting on the acquisition, Phillp Yuill, Chairman of Cecil
M. Yuill, said, “the acquisition of Yuill Homes by Taggart Holdings
offers the company an outstanding opportunity to move forward in the
UK housing market.
My family and I are extremely grateful to all of our employees in
taking the company to where it is today, and wish them all even greater
success in the future”.
The acquisition was supported and financed by Bank of Scotland (Ireland)
Ltd. NCB Corporate Finance, KPMG and Tughans, Solicitors, were advisers
to Taggart Holdings on the acquisition. The Endeavour Partnership,
Solicitors, Horwath Clarke Whitehill and PricewaterhouseCoopers advised
the sellers.
- Ends -
For further information please contact:
Brendan Bracken
Bracken Public Relations
Tel: +353 (0)1 677 3277
Mob: +353 (0) 86 258 6628