{"id":2461,"date":"2026-08-17T07:08:24","date_gmt":"2026-08-17T07:08:24","guid":{"rendered":"https:\/\/www.vaultinsider.top\/?p=2461"},"modified":"2026-08-17T07:08:24","modified_gmt":"2026-08-17T07:08:24","slug":"springfield-sells-land-to-settle-mactaggart-mickel-deal-daily-business","status":"publish","type":"post","link":"https:\/\/www.vaultinsider.top\/?p=2461","title":{"rendered":"Springfield sells land to settle Mactaggart & Mickel deal \u2013 Daily Business"},"content":{"rendered":"

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Innes Smith: clear strategy<\/em><\/figcaption><\/figure>\n

Springfield Properties has sold land in central Scotland for \u00a312m, part of which will be used to make the final payment on its acquisition of the Scottish housebuilding business of Mactaggart & Mickel Group four years ago.<\/p>\n

The land sale, equating to 170 plots, is in line with the Elgin-based company\u2019s cash targets. Springfield has used \u00a36.5m of the proceeds to settle its outstanding payment on the M&M deal.<\/p>\n

Innes Smith, chief executive of AIM-traded Springfield, said:\u00a0\u201cTwo years ago, we set out a clear strategy to unlock value from our substantial land bank through a series of profitable land sales, and this transaction marks the successful completion of that programme. <\/p>\n

\u201cAs recently announced, we reached a net bank cash position ahead of market expectations. <\/p>\n

\u201cNow, by applying proceeds from this land sale to settle the final Mactaggart & Mickel acquisition payment, we have also completed the deferred consideration significantly ahead of schedule.<\/p>\n

\u201cThis milestone further strengthens our balance sheet and our position to capitalise on future growth opportunities.\u201d<\/p>\n

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