Tulloch Homes plans return to central belt

Tulloch HomesInverness-based Tulloch Homes is planning to return to the central belt for the first time in eight years.

Currently celebrating its 90th year, the housebuilder recently returned to the Aberdeen market after a long absence in which the company withdrew to the Highlands when the global recession struck in 2008.

The developments, the Courtyard in Duff Street and Westfield on the site of the Old Bridge of Don Primary School, alongside another two being launched this year in East Kilbride and Glenrothes represent an investment in excess £80 million.

Tulloch said the move reflected its “new drive and confidence” following a management buyout announced last March.

A team led by chief executive George Fraser and chairman Tom Allison acquired a controlling interest in the housebuilder from investment bank Goldman Sachs and private equity group TPG, helped by £30 million funding from the Bank of Scotland.

Mr Fraser said: “EastKilbride was very successful for us pre-recession and we still have land there, so the hope is to begin work on a development in the second quarter of 2016.

“These projects are statements of intent and we’ll look at building wherever the right opportunity arises. The central belt will remain in our forward strategy.”

He added: “Things have gone extremely well since the buyout and we’ve been in positive mode.

“The Highlands remains our core business area and we’ve enjoyed a very successful 2015, with our strongest sales performance in eight years.

“New projects in 2015 included Morningside, the first of our developments on our major new land bank area at Slackbuie, Inverness, which has planning consent for over 400 homes.

“A key £20m new development at Hedgefield, Inverness, plus new phases in existing developments, is setting the stage for further growth in the area in 2016.”

Founded as a joinery business in Nairn, Tulloch is rolling out its 90th anniversary celebrations over the next few months. The business employs 120 people, with about 500 subcontract personnel wholly or mainly dependent on it.

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