Land Sale and Final Deferred Consideration Payment
Springfield Properties PLC
17 August 2026
The information contained within this announcement (this "Announcement") is deemed by the company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended) ("UK MAR"). Upon the publication of this Announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
17 August 2026
Springfield Properties plc
("Springfield", the "Company" or the "Group")
Sale of Land and Payment of Final Deferred Consideration
Proceeds used to make final deferred consideration payment for acquisition
Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland, is pleased to announce that it has sold land, equating to 170 plots, at one of its sites in Central Scotland for £12.0m. The Group received the full consideration for this profitable land sale in cash upon completion.
The Group has used £6.5m of the proceeds to pay the final consideration for its acquisition of the Scottish housebuilding business of Mactaggart & Mickel Group as announced on 22 June 2022. As part of the acquisition, there was £30.8m of deferred consideration payable proportionally as homes were sold over five years. As at 31 May 2026, the outstanding deferred consideration was £20.7m, which has now been satisfied.
Innes Smith, Chief Executive Officer of Springfield Properties, said: "Two 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. As recently announced, we reached a net bank cash position ahead of market expectations. Now, 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. This milestone further strengthens our balance sheet and our position to capitalise on future growth opportunities."
Enquiries
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Springfield Properties |
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Sandy Adam, Chairman Innes Smith, Chief Executive Officer Iain Logan, Chief Financial Officer |
+44 134 355 2550 |
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Cavendish Capital Markets Limited |
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Neil McDonald Peter Lynch |
+44 131 220 9771 +44 131 220 9772 |
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Gracechurch Group |
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Harry Chathli Claire Norbury |
+44 20 4582 3500 |
Analyst Research
Equity Development produces freely available research on Springfield Properties plc, including financial forecasts. This is available to view and download here:
https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports
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