Mactaggart & Mickel sold its Scottish housebuilding business and timber frame factory to Springfield in 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.

The land sale, equating to 170 plots at one site, is in line with the Elgin-based company’s cash targets. Springfield 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 the acquisition.

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.”