Springfield Properties

Scottish housebuilder raises £25m

Springfield Properties has successfully raised £25m before costs and expenses through the placing of 23,584,906 new shares on the Alternative Investment Market (AIM).

The Scottish affordable housebuilder first announced plans to float on the AIM in September as it looked to continue its growth.

Sandy Adam, executive chairman of Springfield Properties, said he was delighted that it had been able to bring £25m of investment into Scotland.

“This will support an increase in the number of homes we build and create new jobs.

“The level of support shown by our new investors on our admission to AIM is gratifying.

“It is a real endorsement of the work our employees have put into building a strong and growing business.

“I would like to thank our new investors for their faith in our company and its staff.”

Launched in 1956, Springfield Properties changed its primary operations to the development and construction of homes in 1988 and completed 620 homes in the year to 31st May 2017.

Sandy added that it was poised to play a significant part in the delivery of many new homes in Scotland and its investment in the infrastructure of new villages would accelerate its building of new homes.

“The Scottish government’s aim of building 50,000 affordable homes by 2021 has created an opportunity which underpins the growth of our affordable housing business.

“We welcome our new shareholders, and look forward to updating them and the wider market as we develop our pipeline of projects and position Springfield as a leading housebuilder in Scotland.”

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