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Cala Homes

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CALA Group (Holdings) Limited
IndustryHousebuilding
Founded1875
Headquarters
Edinburgh
,
Scotland
Area served
United Kingdom
Key people
Kevin Whitaker (CEO)
Revenue£1,255 million (2023)
£81 million (2023)
Number of employees
1,300+ (2023)
ParentSixth Street Partners
Patron Capital
SubsidiariesBanner Homes
Taylor Lane Timber Frame
Websitewww.cala.co.uk

CALA Group (Holdings) Limited[1] is a British housebuilding company headquartered in Edinburgh, Scotland.[2]

It has grown to become one of the largest housebuilders in the UK.[3] In the year to 31 December 2023, Cala Group sold 2,917 homes, had a turnover of £1.3bn and reported a pre-tax profit of £112m. It employed over 1,300 people across 10 offices.[4]

History

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Cala was originally established as the City of Aberdeen Land Association in 1875.[5]

In early 1997, a long-running legal action pertaining to copyright between Cala and rival construction company Alfred McAlpine concluded in an out-of-court settlement under which Cala received £1.85 million.[6] That same year, the firm invested into multiple new sites across the West Midlands.[7] During February 1998, Cala acquired the Yorkshire-based housebuilder Victor Homes.[8]

During April 1999, rival house builder Miller Homes launched a bid to acquire Cala, seeking to create Britain's largest privately-owned house builder, offering 175p per share; around the same time, a group of senior staff at Cala proposed a management buy-out of 165p per share instead.[9][10] A bidding war broke out over Cala's ownership, during which Miller increased its offer.[11][12]

In November 2000, following rival house builder Stewart Milne's withdrawal from a waterfront housing scheme in Edinburgh, Cala stepped in.[13] One year later, the company was reorganised.[14]

Cala was negatively impacted by the wider economic consequences of the 2007–2008 financial crisis, compelling it to lay off staff and intervening to deal with mortgages for eligible customers amid a slowdown of the housing market.[15] During 2010, the firm undertook a judicial review of the British government's decision to abolish regional housebuilding targets;[16] while initially successful,[17][18] further efforts by Cala to prevent local councils from considering their abolition were ruled against.[19]

Between 1999 and 2013, the Bank of Scotland held a majority stake in the company.[20] During January 2012, Cala's leadership publicly stated that the long-term future of the firm's ownership was open to various options, including its takeover by a private equity company or a floatation on the London Stock Exchange;[21] that same year, the firm claimed to have highest average selling price of any of Britain's listed house builders.[22][23] In March 2013, Legal & General (L&G) and Patron Capital each took a 46.5% stake in Cala.[24][25]

Shortly after the purchase, Cala announced plans to expand the business' land bank and to produce 1,000 homes per year.[26] In late 2013, the firm established a new office in Aberdeen to better capitalise on the lucrative opportunities offered by Scottish oil and gas market.[27] During early 2014, Cala opened two new offices in southern England.[28] In October 2014, the firm acquired rival housebuilder Banner Homes in exchange for £200 million.[29][30] Partially as a result of the acquisition, Cala was reportedly set to achieve a three-fold increase in its turnover by 2016.[31][32]

During March 2018, L&G acquired full control of Cala from Patron Capital via a £315 million transaction.[33][34] In 2022, Cala recorded the sale of 3,000 homes; it also employed 1,300 staff at this time.[35][36]

In May 2023, Cala acquired 100% of Taylor Lane Timber Frame, one of the UK’s leading timber frame construction specialists.[37]

In March 2024, L&G was reported to be looking to sell Cala; accordingly, Rothschild & Co was appointed to handle the sale. In May 2024, Persimmon and Taylor Wimpey were reported to be considering bids for Cala, valued at around £1bn.[38] In September 2024, Cala was sold to investment firms Patron Capital and Sixth Street Partners in exchange for £1.35 billion.[4][39]

References

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  1. ^ "CALA GROUP (HOLDINGS) LIMITED overview - Find and update company information - GOV.UK". Companies House. Retrieved 3 August 2023.
  2. ^ "CALA GROUP (HOLDINGS) LIMITED - Overview (Free company information from Companies House)".
  3. ^ "Top 35 Housebuilders 2021: Full tables". Housing Today. Retrieved 18 November 2024.
  4. ^ a b Prior, Grant (18 September 2024). "Cala Group sold for £1.35bn". Construction Enquirer. Retrieved 18 September 2024.
  5. ^ "Scottish housing giant Cala's storied history takes fresh turn with £1.4 billion sale". The Scotsman. 18 September 2024. Retrieved 19 November 2024.
  6. ^ Morby, Aaron (30 January 1997). "Alfred McAlpine makes out-of-court settlement after High Court landmark ruling Cala receives 1.8m in housing copyright row". constructionnews.co.uk.
  7. ^ "Midlands Homes lift for CALA". constructionnews.co.uk. 16 October 1997.
  8. ^ "Cala brings Yorkshire builder into its stable". constructionnews.co.uk. 19 February 1998.
  9. ^ Coulter, Steve (29 April 1999). "Contractor aims to take over rival to create largest privately-owned UK house builder Miller bids to grow with £86m Cala buy". constructionnews.co.uk.
  10. ^ "Hostilities break out as management buy-out group prepares to improve on 175p-a-share offer Miller bids #86m for CALA". heraldscotland.com. 23 April 1999.
  11. ^ "Miller fights on in bidding war over Cala". propertyweek.com. 30 April 1999.
  12. ^ "Gloves come off in battle for control of CALA". heraldscotland.com. 27 April 1999.
  13. ^ "Cala homes in as backer quits waterfront". constructionnews.co.uk. 30 November 2000.
  14. ^ "Cala splits division". constructionnews.co.uk. 18 October 2001.
  15. ^ Reisner, Alasdair (11 June 2008). "Cala mortgage pledge". constructionnews.co.uk.
  16. ^ Pitcher, Greg (11 August 2010). "Cala Homes calls for judicial review of decision to scrap housing targets". constructionnews.co.uk.
  17. ^ "Pickles' abolition of housebuilding targets was unlawful". publicfinance.co.uk. 10 November 2010.
  18. ^ Sidders, Jack (10 November 2010). "Cala Homes beats Eric Pickles in High Court". constructionnews.co.uk.
  19. ^ "Judge rejects Cala Homes legal bid". constructionnews.co.uk. 8 February 2011.
  20. ^ King, David (16 March 1999). "Cala to construct future as private company". The Scotsman. Archived from the original on 20 November 2018. Retrieved 2 December 2017.
  21. ^ Cross, Luke (11 January 2012). "Cala's future remains open as house builder reports 12pc volume surge". constructionnews.co.uk.
  22. ^ Smulian, Mark (2 July 2012). "Cala claims house price top spot". constructionnews.co.uk.
  23. ^ Berkin, Chris (11 September 2012). "Cala sticking with residential after record profits". constructionnews.co.uk.
  24. ^ Mackie, Gareth (18 March 2013). "Cala set for new lease of life after takeover deal". The Scotsman. Retrieved 2 December 2017.
  25. ^ "House builder Cala in £200m takeover". BBC News. 18 March 2013.
  26. ^ Berkin, Chris (19 March 2013). "Cala targets 1,000 homes a year after purchase". constructionnews.co.uk.
  27. ^ Fitzpatrick, Tom (22 October 2013). "Scottish oil and gas aids Cala Homes growth". constructionnews.co.uk.
  28. ^ Stothart, Chloe (17 February 2014). "Cala Homes in southern expansion". constructionnews.co.uk.
  29. ^ Jeff, Dominic (21 October 2014). "'It's been a really good year' says Cala boss". The Scotsman. Retrieved 2 December 2017.
  30. ^ McCulloch, Scott (24 March 2014). "CALA Group buys upmarket house builder Banner Homes in £200m deal". insider.co.uk.
  31. ^ Wilson, Robyn (20 October 2014). "Cala Homes' revenue on track to triple by 2016". constructionnews.co.uk.
  32. ^ Schouten, Charlie (4 October 2016). "Cala Group 'on target' to hit £1bn turnover by 2020". constructionnews.co.uk.
  33. ^ "Legal & General Capital acquires full ownership of Cala". scottishhousingnews.com. 13 March 2018.
  34. ^ "Cala builds strong foundations as new chief is unveiled". scotsman.com. Retrieved 3 August 2018.
  35. ^ Kleinman, Mark (18 March 2024). "Legal & General lines up bankers to sell housebuilder Cala". Sky News. Retrieved 26 March 2024.
  36. ^ Morby, Aaron (25 March 2024). "L&G looks to sell Cala Homes in exit from house building". Construction Enquirer. Retrieved 26 March 2024.
  37. ^ Twinch2023-05-05T09:30:00+01:00, Emily. "L&G-owned housebuilder Cala buys timber frame MMC firm". Housing Today. Retrieved 15 November 2024.{{cite web}}: CS1 maint: numeric names: authors list (link)
  38. ^ "Persimmon tipped for Cala bid". The Construction Index. 28 May 2024. Retrieved 28 May 2024.
  39. ^ Rogers, Dave (18 September 2024). "L&G sells Cala to private equity investors for £1.35bn". housingtoday.co.uk.
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