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HBOS buys
housebuilding stake
Bank of Scotland Corporate has spent £27.5 million buying a 40 per cent stake in housebuilder Tulloch Homes.
Post-completion, the Inverness firm’s chairman and chief executive, David Sutherland, remains the controlling shareholder with 43 per cent of the business.
Sutherland invited Bank of Scotland on to the board to support his plans to grow the business.
The vendor received legal advice from Harper Macleod, led by partners Donald Munro and Louise Hamilton.
Munro said the deal was negotiated quickly as the parties wanted to meet the April tax deadline. “The deal marks an investment by the bank in the future of Tulloch and we look forward to continuing the journey with them.”
Harper Macleod gets deals done. Last year's value exceeded £450 million. It sounds simple. But the main worry corporate clients have is that deal-making invariably takes longer and is more disruptive to their own business than they imagined. So, we're very clinical and systematic in the structure, planning and management of transactions.
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