Westbury to buy Prowting

June 1, 2002
<b></b> Westbury is set to buy Prowting for &amp;£141 million, confirming its status as predator not prey in the industry reorganisation. The purchase is subject to formal approvals that are expected by the end of June.<br>The Prowting deal will add 1,200 units per annum to the latest Westbury total of around 4,000 homes and will enhance Westbury&amp;’s land bank particularly in the south.<p></p><p>Commenting on the offer, Martin Donohue, chief executive of Westbury, said: &amp;“Prowting provides an excellent strategic acquisition for the Westbury group. The enlarged company&amp;’s strongest areas of operation will be in the south west, north west, Midlands, south east and central regions of England, as well as South Wales. The addition of Prowting will particularly strengthen the Westbury presence in central and south east England. This acquisition will put the Westbury group in an even stronger position to continue to deliver increased profitability for all our stakeholders.&amp;”</p><p>Richard Fraser, Prowting chairman, said: &amp;“The board of Prowting initiated a strategic review of the business earlier this year. The Westbury offer represents an excellent outcome for Prowting shareholders and draws a successful conclusion to the recent period of uncertainty.&amp;”</p><p>Westbury has just announced record results for the ninth consecutive year and wants …

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