Springfield Properties raises £25m in early trading



(from left) Michelle Motion, finance director with Sandy Adam, executive chairman and Innes Smith, chief executive officer
(from left) Michelle Motion, finance director with Sandy Adam, executive chairman and Innes Smith, chief executive officer

Newly-listed housebuilder Springfield Properties has successfully raised £25 million in early trading on the Alternative Investment Market (Aim) this morning.

The group raised the finance through the placing of 23,584,906 new shares at a price of 106 pence per share, capitalising Springfield at £87m. The shares equate to 28.7 per cent of the firm’s enlarged share capital.

The Elgin-based private and affordable homes developer last month revealed the plan to float on the junior London market with an estimated value of up to £65m as it sought to raise up to £25m for the construction of five new “village” housing developments incorporating a total of 10,000 homes on completion.

Sandy Adam, executive chairman of Springfield, said: “I am delighted that we have been able to bring £25m of investment into Scotland. This will support an increase in the number of homes we build and create new jobs. The level of support shown by our new investors on our admission to AIM is gratifying. It is a real endorsement of the work our employees have put into building a strong and growing business. I would like to thank our new investors for their faith in our company and its staff.

“Springfield is poised to play a significant part in the delivery of the many new homes needed across Scotland. Our investment in the infrastructure of new Villages will accelerate our building of new homes, private and affordable, in new communities. The Scottish Government’s aim of building 50,000 affordable homes by 2021 has created an opportunity which underpins the growth of our affordable housing business. We welcome our new shareholders, and look forward to updating them and the wider market as we develop our pipeline of projects and position Springfield as a leading housebuilder in Scotland.”



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