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14/08/2001
Wimpey buys up McAlpine for £461m
House building company George Wimpey have taken over smaller rival Alfred McAlpine Homes in a £461 million deal that will see Wimpey axe up to 450 jobs.
According to Wimpey’s Chief Executive, Peter Johnson six of McAlpine’s regional offices will close and there will be a round of jobs cuts in both companies.
However, the deal is set to improve Wimpey’s house building business in the lucrative market in the south of England where house prices have continued to rise sharply.
Mr Johnson described the acquisition bid as a “financially attractive opportunity” that would increase the company’s portfolio.
Commenting on the disposal, Sir Terence Harrison, the Chairman of Alfred McAlpine, said: "We have reviewed all opportunities in order that the value created from the operational and financial progress achieved in each of our two business streams may be recognised more fully.
"We have concluded that on the right financial terms, the greatest value for McAlpine shareholders could be achieved from the disposal of McAlpine Homes."
(SP)
According to Wimpey’s Chief Executive, Peter Johnson six of McAlpine’s regional offices will close and there will be a round of jobs cuts in both companies.
However, the deal is set to improve Wimpey’s house building business in the lucrative market in the south of England where house prices have continued to rise sharply.
Mr Johnson described the acquisition bid as a “financially attractive opportunity” that would increase the company’s portfolio.
Commenting on the disposal, Sir Terence Harrison, the Chairman of Alfred McAlpine, said: "We have reviewed all opportunities in order that the value created from the operational and financial progress achieved in each of our two business streams may be recognised more fully.
"We have concluded that on the right financial terms, the greatest value for McAlpine shareholders could be achieved from the disposal of McAlpine Homes."
(SP)
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Small rise in UK house prices
According to the latest figures from the Office of the Deputy Prime Minister, house prices in September rose for the first time in six months. UK annual house price inflation in September 2005 was 3.3% up from 2.8% in August 2005. Annual house price inflation in London was 1.9% in September 2005, up from 0.8% cent in August 2005.
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According to the latest figures from the Office of the Deputy Prime Minister, house prices in September rose for the first time in six months. UK annual house price inflation in September 2005 was 3.3% up from 2.8% in August 2005. Annual house price inflation in London was 1.9% in September 2005, up from 0.8% cent in August 2005.
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BRC reports retail sales drop
Retail sales in the UK fell to their lowest level in a decade, according to new figures from the British Retail Consortium (BRC). The figures showed that retail sales in the UK in April fell by 4.7% on a like-for-like basis and by 1.3% on total basis, compared with last year’s figures.
BRC reports retail sales drop
Retail sales in the UK fell to their lowest level in a decade, according to new figures from the British Retail Consortium (BRC). The figures showed that retail sales in the UK in April fell by 4.7% on a like-for-like basis and by 1.3% on total basis, compared with last year’s figures.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
