Type Public (LSE: BVS) Website www.bovishomes.co.uk Revenue 946.5 million GBP (2015) Net income 128 million GBP (2015) | Industry Housebuilding Headquarters Longfield, United Kingdom Founded 1965 | |
Key people Ian Tyler, Chairman
Earl Sibley, interim CEO Stock price BVS (LON) 799.50 GBX -8.00 (-0.99%)3 Mar, 10:29 AM GMT - Disclaimer CEO David James Ritchie (3 Jul 2008–) Profiles | ||
Bovis Homes Group plc is a second tier national British housebuilding company based in New Ash Green, Kent. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Contents
History
Bovis Homes’ origins lay in the early post-war housing operations of Bovis Holdings (see also Bovis Construction). Bovis had been acquiring housing land in the early 1950s but the level of housebuilding was modest until 1967 when it acquired Frank Sanderson’s Malcolm Sanderson Developments and the much larger RT Warren. Frank Sanderson rapidly expanded Bovis’s housing through acquisition including the quoted Page-Johnson and Varney Holdings; by 1973 Bovis was probably the country’s second or third largest housebuilder, with sales of over 2,600.
The secondary banking crisis adversely affected Bovis Holdings’ banking subsidiary and the Group had to be rescued by P&O in March 1974. Frank Sanderson left Bovis in 1973 and Philip Warner was appointed managing director of Bovis Homes, a position he held for 25 years. During the 1970s Bovis reduced its housing volumes as it concentrated on rebuilding profitability, but it began to expand again in the 1980s.
The Company was demerged from P&O and was floated on the London Stock Exchange as Bovis Homes in 1997.
On 9 January 2017, the company announced that its chairman David Ritchie, who had been at the company for 18 years, had stepped down with immediate effect, quoted to have said that it was time for someone new to lead the group.
Operations
Bovis Homes operates eight regional businesses and builds a wide range of properties from one-bedroom properties up to six-bedroom executive houses.
Controversies
Following the resignation of David Ritchie as the CEO on 9 January 2017, shortly after the company had issued a profit warning following a slow down in sales in December 2016, the company was at the centre of controversy when news reports appeared that it had tried to issue cash incentives to customers in order for them to complete purchases and move into unfinished new homes.