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Galliford Try
Galliford Try plc is a British construction company based in Uxbridge, England. It was created through a merger in 2000 of two businesses: Try Group, founded in 1908 in London, and Galliford, founded in 1916. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Formerly involved in housebuilding, it sold its housing businesses to Bovis Homes, subsequently renamed Vistry Group, in January 2020, and Galliford Try is today focused on the building, highways and environment markets. Prior to the sale of its housing arm, it was ranked fifth largest by turnover among UK construction companies in 2019.
The company was created in 2000 through the merger of Try Group plc, founded in 1908 in London, and Galliford plc, founded in 1916.
Try was founded by the carpenter William S. Try during 1908 in Uxbridge, west London. W. S. Try Ltd operated as a general contractor until the beginning of the 1970s, when Try Homes was formed. Despite completing several acquisitions, the company's housing activities remained on a relatively small scale, peaking at around 200 units per year during the early 1990s.
Thomas Galliford established a steamroller hire business in Wolvey, Warwickshire in 1916, but this venture closed during the Second World War after which his sons re-formed the company, incorporated as a civil engineering business, Galliford & Sons, on 2 April 1952. Galliford became a public company in 1965. It entered the private housing market in 1973 with the acquisition of Crabb Curtis. The housing contribution was subsequently extended through Stamford Homes and, in 1998, the acquisition of Midas Homes, by which time the group was building around 500 houses a year.
The merger incurred some one-time costs were largely attributable for the company's first year profit being down 50%, to £4.9m, in spite of an increase in turnover of 25% to £568.5m; In the early 2000s, management opted to respond with a series of redundancies and targets closures of underperforming offices. Early on, Galliford Try opted to maintain its two existing construction brands rather than amalgamate them into one identity. The company's early operations were dogged by speculations that it would be acquired by, or amalgamated with, a larger construction company; a £116 million bid was made during 2003 by Rok plc, but was rejected by Galliford Try.
The creation of Galliford Try came amid calls from investors for consolidation within the British construction sector. In response, the company embarked on its first acquisitions less than a year after its formation. Specific acquisitions made during the 2000s were largely focused on the expansion of its housebuilding business, such as of Gerald Wood Homes in 2001, Chartdale in 2006, Kendall Cross in 2007, Linden Homes in 2008, and Rosemullion Homes in 2009. Furthermore, the company expanded its construction business via the acquisition of Morrison Construction from AWG plc in 2006. (The remaining Morrison Utilities Services business within AWG plc later formed M Group Services).
Throughout the 2000s, the housing market was a key sector of activity. During 2004, Galliford Try announced it had set a target to double the number of house sales being made within three years. One year later, further objectives were set, which included the doubling of construction-related turnover and the number of houses being built by 2010. During 2007, it rebranded its housebuilding division as Galliford Try Homes along with four regional brands. The company secured worked under the British government's private finance initiative (PFI) model, typically involving the construction of schools and other public works.
Galliford Try
Galliford Try plc is a British construction company based in Uxbridge, England. It was created through a merger in 2000 of two businesses: Try Group, founded in 1908 in London, and Galliford, founded in 1916. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Formerly involved in housebuilding, it sold its housing businesses to Bovis Homes, subsequently renamed Vistry Group, in January 2020, and Galliford Try is today focused on the building, highways and environment markets. Prior to the sale of its housing arm, it was ranked fifth largest by turnover among UK construction companies in 2019.
The company was created in 2000 through the merger of Try Group plc, founded in 1908 in London, and Galliford plc, founded in 1916.
Try was founded by the carpenter William S. Try during 1908 in Uxbridge, west London. W. S. Try Ltd operated as a general contractor until the beginning of the 1970s, when Try Homes was formed. Despite completing several acquisitions, the company's housing activities remained on a relatively small scale, peaking at around 200 units per year during the early 1990s.
Thomas Galliford established a steamroller hire business in Wolvey, Warwickshire in 1916, but this venture closed during the Second World War after which his sons re-formed the company, incorporated as a civil engineering business, Galliford & Sons, on 2 April 1952. Galliford became a public company in 1965. It entered the private housing market in 1973 with the acquisition of Crabb Curtis. The housing contribution was subsequently extended through Stamford Homes and, in 1998, the acquisition of Midas Homes, by which time the group was building around 500 houses a year.
The merger incurred some one-time costs were largely attributable for the company's first year profit being down 50%, to £4.9m, in spite of an increase in turnover of 25% to £568.5m; In the early 2000s, management opted to respond with a series of redundancies and targets closures of underperforming offices. Early on, Galliford Try opted to maintain its two existing construction brands rather than amalgamate them into one identity. The company's early operations were dogged by speculations that it would be acquired by, or amalgamated with, a larger construction company; a £116 million bid was made during 2003 by Rok plc, but was rejected by Galliford Try.
The creation of Galliford Try came amid calls from investors for consolidation within the British construction sector. In response, the company embarked on its first acquisitions less than a year after its formation. Specific acquisitions made during the 2000s were largely focused on the expansion of its housebuilding business, such as of Gerald Wood Homes in 2001, Chartdale in 2006, Kendall Cross in 2007, Linden Homes in 2008, and Rosemullion Homes in 2009. Furthermore, the company expanded its construction business via the acquisition of Morrison Construction from AWG plc in 2006. (The remaining Morrison Utilities Services business within AWG plc later formed M Group Services).
Throughout the 2000s, the housing market was a key sector of activity. During 2004, Galliford Try announced it had set a target to double the number of house sales being made within three years. One year later, further objectives were set, which included the doubling of construction-related turnover and the number of houses being built by 2010. During 2007, it rebranded its housebuilding division as Galliford Try Homes along with four regional brands. The company secured worked under the British government's private finance initiative (PFI) model, typically involving the construction of schools and other public works.