L&G takes full control of CALA

Legal & General has taken full control of CALA Homes having paid £315 million for the 52.1% of the firm which it did not previously own. It has bought out its fellow major shareholder Patron Capital and CALA’s management team in a deal that values the firm at £605 million.

L&G has owned the business with Patron over the past five years as the housebuilder has grown, achieving record financial results, doubling new home volumes and tripling revenues. CALA has increased volumes by 67% in the past ten years and claims the title of the UK’s fastest growing housebuilder. The firm says it is on course to deliver 2,500 units per annum and around £1 billion of revenue in 2020 and says it has the capability to build in excess of 3,000 units per annum from its existing regional network in subsequent years.

Alan Brown, CALA Group ceo, said: “Today’s investment by Legal & General marks the start of another exciting new chapter for CALA and is a fantastic endorsement of our growth potential from one of the most highly-respected, blue chip investors in the UK, who shares our long term vision.

“Over the past five years, we have become one …