Moray housebuilder expecting £25m Stock Market boost

ELGIN BASED HOUSEBUILDER Springfield Properties is revealing plans today to float on the London Stock Exchange – a move that is expected to bring in up to £25million.

That, the company says, will be used to help fund the development of several new villages in Scotland – including one providing homes for 2500 people on the outskirts of Elgin.

Having recently announced record-breaking profits of almost £7million – an increase of almost a third on the previous year – Springfield is now valued at over £55million.

Planning permission early in 2017 will spark major change to the south of Elgin.
2500-home village will spark major change to the south of Elgin.

Now led by Sandy Adam, whose grandfather founded the business in 1956, Springfield employs around 500 people throughout Scotland. Mr Adam has been reported as saying that the initial public offering (IPO) of the firm on the Alternative Investment Market is the next step in the growth of the company.

He said: “Raising these funds is part of our strategy to secure ongoing growth at the same rate – the new funding will enable us to invest in the infrastructure of five new villages in Scotland and in existing sites.

“Scotland needs more homes countrywide and Springfield is poised to play a significant part in delivering these homes for private individuals and across all tenures in the affordable and social housing sector.”

Springfield were granted planning permission earlier this year for the 2500-home development to the south of Elgin. That project will include the new £12million Moray Sports Centre, with the Chief Executive Officer of the sports centre project, Kathryn Evans, saying on Friday on Wave Newsbeat with insideMORAY that she expected building to be completed by January 2019.

Two schools will also be built as part of the project which Springfield’s managing director, Innes Smith, said would include “everything a vibrant and thriving community needs – that people are proud to call home”.