Search
Regulatory Story
Company Barratt Developments PLC
TIDM BDEV
Headline Acquisition of Oregon Timber Frame Limited
Released 11:06 27-Jun-2019
Number 6525D11

RNS Number : 6525D
Barratt Developments PLC
27 June 2019
 

 

 

 

 

 

27 June 2019

Barratt Developments PLC

 

Acquisition of Oregon Timber Frame Limited

 

Barratt Developments PLC ('Barratt') is pleased to announce the acquisition of 100% of Oregon Timber Frame Limited ('Oregon'), one of the UK's largest timber frame manufacturers.

 

In 2018 Barratt announced new targets of volume growth of 3-5% over the medium term, supported by a target of building at least 20% of its homes using an element of offsite construction, including timber frame, by 2020.

 

Over the last three years, Barratt has built c.5,500 homes using timber frame construction. It currently uses timber frame in the majority of residential properties it builds in Scotland and is increasing its use across England and Wales. 

 

Oregon is one of Barratt's key timber frame suppliers providing high quality products and excellent customer service. Following the acquisition Oregon will remain based in Selkirk, Scotland where its experienced management team will continue to lead the business, complementing the Barratt operations in Scotland.

 

The acquisition has no material effect on the Board's expectations for the financial year.

 

Steven Boyes, Chief Operating Officer, Barratt Developments PLC, commented:

"We are delighted to announce that we have successfully acquired Oregon Timber Frame, one of the leading timber frame manufacturers in the UK.

 

"Barratt is committed to increasing the number of homes we build using offsite construction as part of our overall volume growth aspirations and to mitigate the current skills challenges facing the industry. Oregon is the perfect company to help us do that, with a highly experienced management team, a skilled workforce and a high quality product."

 

Rod Lawson, Chairman, Oregon Timber Frame Limited, commented:

"We're very proud of what we have achieved over the last two decades, building a successful company with a fantastic workforce. Now we welcome the next chapter with Barratt who are as committed to quality as we are and have exciting plans for the future of both of our businesses."

 

Barratt Developments PLC

Jessica White, Chief Financial Officer                                                             01530 278 259

 

Analyst / investor enquiries

Jenny Matthews, Investor Relations                                                               020 7299 4894

 

Media enquiries

Derek Harris, Head of Public Relations                                                           020 7299 4873

Tim Collins, Head of Corporate Communications                                         020 7299 4874

 

Brunswick

Jonathan Glass/Wendel Verbeek                                                                     020 7404 5959

 

Notes to editors

 

Barratt Developments plc sold 17,579 homes in the year to June 2018, making it the biggest housebuilder by volume in Britain. Barratt is committed to building quality homes and this year received more NHBC Pride in the Job awards than any other housebuilder and was awarded 5 stars by the HBF for customer satisfaction for the tenth year in a row. For more information visit www.barrattdevelopmentsplc.co.uk

 

Oregon, established in 1998, is one of the UK's largest timber frame manufacturers specialising in the design, manufacture and erection of high quality timber frame structures for the construction industry. Based in Selkirk in the Scottish Borders, it operates from factories there and in Burton upon Trent in Staffordshire, manufacturing more than 2,000 units each year with around 170 employees. For more information visit: www.oregon.co.uk


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
ACQCKODBCBKKQAB
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.