Scottish housebuilder Springfield Properties has announced its intention to float shares on AIM, a market of the London Stock Exchange.
Springfield Properties focusses on a mix of private and affordable housing in Scotland. Since 1988 the Group has developed over 4,000 homes and now operates through two divisions: Private Housing and Affordable.
Including its unallocated land bank, the Group has a total land bank of over 12,000 plots with a GDV of over £2 billion. The Group currently operates on 29 active sites and has 33 planned future sites in its land bank.
Over the past four years, the group has secured land or entered into other arrangements relating to the development of five villages with an estimated GDV of £1.5 billion.
Sandy Adam, Executive Chairman of Springfield, said, “Throughout our history, Springfield’s strategies have achieved our aim of steady growth, doubling the company in size every five years. Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.
“Raising these funds is part of our strategy to secure ongoing growth at the same rate. The new funding will enable us to invest in the infrastructure of five new Villages in Scotland, and in existing sites, accelerating the delivery of new homes, private and affordable, in new communities.
“Scotland needs more homes countrywide and Springfield is poised to play a significant part in delivering these homes for private individuals and across all tenures in the affordable and social housing sector.”