New UK Housing Structure
Taylor Woodrow PLC
6 February 2001
Not for release, publication or distribution in or into the United States of
America, Canada, Australia or Japan
TAYLOR WOODROW ANNOUCES
NEW UK HOUSING STRUCTURE
Taylor Woodrow, the housing and property group, today (February 6th) announced
the leadership and operating structure of its enlarged UK housing business
which will be put in place following completion of the recommended offer for
Bryant Group plc.
Paul Phipps, 48, Taylor Woodrow's executive director, housing, will be the
managing director of Bryant Homes. The combined business, which will trade
under the Bryant name, will be the group's lead UK housing brand producing
some 6,000 houses each year with approximate turnover of £845 million. Mr
Phipps, who retains his position on the group's board, will continue to be
responsible for Taylor Woodrow Capital Developments, the group's central
London residential business and its Spanish and Australian housing businesses.
Taylor Woodrow will appoint Nick Smith, 43, currently managing director of
Bryant Homes Technical Services, to become operations director of the enlarged
Bryant Homes with initial responsibility for integration. Mr Smith will join
Taylor Woodrow's group executive team.
Taylor Woodrow confirms that Peter Long, chief executive of Bryant Group and
Pat Scannell, finance director, will leave the business when Bryant formally
joins the Taylor Woodrow Group.
Taylor Woodrow has also confirmed the proposed operating structure of the
enlarged Bryant Homes business.
The business, which will be based at the existing headquarters of Bryant in
Solihull, West Midlands, will have four geographic divisions (Southern,
Central, Northern and Scotland) and 12 regional offices, a reduction of seven
on the existing housing structures of Taylor Woodrow and Bryant.
When the recommended offer was announced two weeks ago, Taylor Woodrow said it
expected to achieve £10 to £15 million of synergies and cost savings from the
combined business.
Keith Egerton, Taylor Woodrow's group chief executive, said: 'This new
leadership and operating structure for the Bryant business will enable us to
maximise returns from UK Housing. We have established excellent relationships
with the Bryant management and we have been able to reinforce our belief in
the synergy benefits that would follow from the combined business and we are
now exploring new areas not identified earlier.'
The Extraordinary General Meeting of Taylor Woodrow shareholders to approve
the acquisition will take place at 10.00am on Monday February 12, 2001. The
first closing date for acceptances of the Offer is 3.00pm on Friday February
16, 2001.
Enquiries:
Tony McGarahan, Director of Corporate Relations
Tel: 01784 428 767 (direct line)
07796 276342 (mobile)
Issued by:
Citigate Dewe Rogerson (020 7638 9571)
The directors of Taylor Woodrow plc accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of the
directors (who have taken reasonable care to ensure that such is the case) the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.
ABN AMRO Corporate Finance Limited, which is regulated in the United Kingdom
by The Securities and Futures Authority, is acting for Taylor Woodrow and
no-one else in connection with the Offer and will not be responsible to anyone
other than Taylor Woodrow for providing the protections afforded to customers
of ABN AMRO Corporate Finance Limited or for giving advice in relation to the
Offer.
ABN AMRO Corporate Finance Limited has authorised the issue of this
announcement solely for the purposes of section 57 of the Financial Services
Act 1986
This announcement does not constitute an offer or an invitation to purchase
any securities.
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