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Highlands company secures £30m package

Bank of Scotland backs Tulloch Homes MBO

TullochHighlands housebuilder Tulloch Homes is being acquired by its management team in a buyout from investment bank Goldman Sachs and private equity firm TPG, formerly Texas Pacific Group.

Tulloch’s chairman, Tom Allison, together with chief executive George Fraser (pictured) and finance director Sandy Grant have secured a £30 million funding package from Bank of Scotland to support the deal.

“This is a very significant chapter in the history of one of the most important companies in the Highlands and a deal which we’re confident will secure the future of the business for many years to come,” said Mr Allison, a former chief executive of Clydeport and a current director of Celtic Football Club and Pinewood Shepperton. He is also chairman of Peel Ports which acquired Clydeport in 2003.

Tulloch struggled during the recession and Bank of Scotland acquired a 40% stake in the business in 2008 before being taken over itself in a rescue by Lloyds Bank.
It is expected to show a small operating profit in the last financial year but will write down the value of its land bank by £10.5m.
It  said the business was now growing and it had plans to build 300 homes this year.

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