Taylor Wimpey puts US housing arm up for sale

Aaron Morby 11 years ago
Share

House builder Taylor Wimpey has put its US arm Taylor Morrison up for sale as it seeks to erode its £633m debt pile.

The move is part of a strategy to become a purely UK business within the next two years and comes less than a week after the builder secured a complex refinancing package.

JPMorgan Chase is reported to have been hired to advise on the sale of the top ranked North American builder, which is expected to fetch £600m.

Over the past few months, Taylor Wimpey has privately approached US house builders and other potential bidders to gauge their interest in buying Taylor Morrison, according to Reuters news agency.

The US arm Taylor Morrison builds housing in California, Arizona, Colorado, Texas and Florida.

At the end of the first half of 2010, Taylor Wimpey said its US housing arm had £454m in net operating assets.

Latest news

First mass built carbon negative homes get underway

St Modwen first volume developer to build affordable carbon-negative homes
1 hour ago

GMI Construction names new CEO

Lee Powell takes helm as CEO at GMI Construction in growth push
1 hour ago

514-home London scheme clears final hurdle

Inland Homes declares victory after three-year planning battle over Hillingdon Master Brewer site
30 mins ago

Henry Construction wins £30m Clarion housing scheme

Ravensbury estate regeneration in Mitcham is Henry's first project for Clarion
1 hour ago

Lovell lands £700m homes deal with Suffolk council

Development joint venture will see at least 2,800 homes built across the county
29 mins ago

Ballymore pulls 51-storey tower plan amid fire safety concern

London Fire Brigade raises concern about single staircase and fire strategy
3 days ago

New work surges as materials shortages ease

Mild weather and easing of supply chain bottlenecks lifts new work 5.7%
3 days ago

PDR Construction goes into administration

All staff made redundant as suppliers owed millions
4 days ago

Brick-laying robot gets approval from NHBC

Robot can now be used in construction of new homes covered by NHBC warranty
3 days ago

Temporary visa scheme needed for London sites

Mayor of London demands action over site skills shortages
4 days ago

Construction worker dies after fall from mobile tower

Court hears how tower wasn't configured correctly
4 days ago

Glencar wins £50m Peterborough logistics hub

Works start on trio of sheds at Kingston Park
4 days ago

Green light for £330m Woking high-rise cluster

Work to start on five blocks towards the end of 2022.
4 days ago

Countryside chief executive makes sudden exit

Major shareholder takes seat on board as first quarter trading falls below board expectations
4 days ago

Big names line-up for £2.7bn Birmingham roads deal

Arup, Arcadis, Balfour Beatty, Carnell, Colas, Kier and Tarmac among firms eyeing contract
4 days ago

Galliford Try scoops £56m Milton Keynes PRS job

Building arm will deliver 329 rental flats across four buildings rising up to 11 storeys
5 days ago

Designers shortlisted for £1bn Oxford Innovation district

Oxford Uni and L&G advance £1bn Begbroke science district plan
5 days ago

Subbies chase cash as work stops on PDR Construction sites

Subcontractors left in dark by £83m turnover contractor
6 days ago

Britain’s concrete producers join forces

Industry agrees single voice through lobbying group UK Concrete
4 days ago

Shapps pauses Smart motorway rollout amid safety concerns

Contractors will be allowed to complete schemes currently under construction
5 days ago

Wildgoose went down owing £9m to trade firms

More than 700 firms have been left out of pocket by the £50m turnover business
5 days ago

Keltbray bags Silvertown tunnelling waste removal

Riverlinx tunnelling team sign Keltbay to barge out excavated material
5 days ago

Ray O’Rourke’s successor starts work

Seamus French starts countdown to firm's founder stepping down
6 days ago

Filler injections rejuvenate ageing concrete roads

Metrail Construction solves squelchy concrete road problem with resin injections
5 days ago

McAleer & Rushe wins £42m Norwich student conversion

Crispin House office to be converted into 680 student rooms
6 days ago

Vinci completes first pour of its ultra low carbon concrete

Taylor Woodrow reduces the carbon footprint of the construction project by up to 70%
6 days ago

KPMG admits financial regulator misled in Carillion audits

Tribunal over KPMG and former staff's forgery allegations gets underway
6 days ago

Scottish contractor goes under with loss of 33 jobs

Iain Potter Construction hit by rising costs and problem contracts
6 days ago

Construction blasted over slow building safety culture change

Dame Judith Hackitt accuses firms of hiding behind trade bodies and holding on for legislation to force change
6 days ago

Firms making £10m-plus profits told to fund cladding retrofits

Developers handed March deadline to set out plans to fix unsafe 11m-18m tall buildings
7 days ago

Contractor services