{"id":517628,"date":"2025-03-31T20:15:23","date_gmt":"2025-03-31T19:15:23","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=517628"},"modified":"2025-04-01T12:45:28","modified_gmt":"2025-04-01T11:45:28","slug":"bovis-returns-as-uk-construction-brand-after-lendlease-sale-completes","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/bovis-returns-as-uk-construction-brand-after-lendlease-sale-completes-31-03-2025\/","title":{"rendered":"Bovis returns as UK construction brand after Lendlease sale completes"},"content":{"rendered":"<div class=\"factfile\">\n<p style=\"text-align: center;\">This story was written with the assistance of AI<br \/>\n<a href=\"https:\/\/www.constructionnews.co.uk\/tech\/why-construction-news-is-using-ai-to-assist-with-our-writing-31-03-2025\/\">Read more about our AI experiment<\/a><\/p>\n<\/div>\n<p class=\"\" data-start=\"65\" data-end=\"194\">The Lendlease UK construction business has been rebranded as Bovis following the completion of its \u00a335m sale to US-based investment firm Atlas Holdings.<\/p>\n<p class=\"\" data-start=\"196\" data-end=\"441\">The deal, originally announced in January, completed this week and sees the return of the historic Bovis brand, first established in 1885, to UK contracting.<\/p>\n<p>On 2 January, <a href=\"https:\/\/www.constructionnews.co.uk\/financial\/lendlease-sold-for-35m-to-us-private-equity-firm-02-01-2025\/\">Lendlease Group said it would receive A$70m<\/a> (\u00a335m) for its UK assets, A$20m to be paid in June 2026, subject to adjustment as the sale process completed.<\/p>\n<p>A statement by the parent company just after midnight UK time said that the &#8220;financial impacts of the transaction remain consistent&#8221; with that announcement.<\/p>\n<p class=\"\" data-start=\"196\" data-end=\"441\">Bovis will now operate independently from its former parent, Lendlease, under the ownership of Atlas.<\/p>\n<p>The announcement appears to mean that the deal is has been green-stamped by regulators after being <a href=\"https:\/\/www.constructionnews.co.uk\/financial\/government-calls-in-lendlease-purchase-for-scrutiny-10-01-2025\/\">called in by officials<\/a> under the National Security and Investment (NSI) Act.<\/p>\n<p class=\"\" data-start=\"443\" data-end=\"699\">The Connecticut-headquartered investor operates a portfolio of 26 companies across multiple sectors including construction services and building materials.<\/p>\n<p class=\"\" data-start=\"443\" data-end=\"699\">Its businesses generate around $16bn in annual revenue and employ 50,000 people globally.<\/p>\n<p class=\"\" data-start=\"701\" data-end=\"857\">The Bovis business retains its leadership team, with David Cadiot named as chief executive.<\/p>\n<p class=\"\" data-start=\"701\" data-end=\"857\">Cadiot became <a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/lendlease\/\">Lendlease\u2019s<\/a> chief executive in July last year after Simon Gorski stepped down from the role, two months after the firm\u2019s Australian parent company <a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/lendlease\/lendlease-to-pull-out-of-uk-construction-market-28-05-2024\/\">announced it would sell the business<\/a>.<\/p>\n<p class=\"\" data-start=\"859\" data-end=\"998\">Atlas operating partner and Bovis board member Peter Bacon said the firm would work with Bovis leadership \u201cto build upon the Bovis legacy\u201d.<\/p>\n<p><em>Source: Bovis email press release<\/em><\/p>\n<div class=\"factfile\">\n<p class=\"\" data-start=\"185\" data-end=\"268\">Bovis Construction was founded in 1885 by Charles Bovis as CW Bovis &amp; Co in London.<\/p>\n<p class=\"\" data-start=\"270\" data-end=\"419\">The company was acquired in 1974 by P&amp;O for \u00a325m after a financial crisis hit Twentieth Century Banking, which Bovis had purchased two years earlier.<\/p>\n<p class=\"\" data-start=\"421\" data-end=\"543\">In 1997, the housing arm was demerged and floated on the London Stock Exchange as Bovis Homes, which remains in operation.<\/p>\n<p class=\"\" data-start=\"545\" data-end=\"688\">Australian firm Lendlease acquired Bovis Construction in 1999, renaming it Bovis Lend Lease. The company underwent major restructuring in 2009.<\/p>\n<p class=\"\" data-start=\"690\" data-end=\"742\">In 2011, Lendlease dropped the Bovis brand entirely.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This story was written with the assistance of AI Read more about our AI experiment The Lendlease UK construction business has been rebranded as Bovis following the completion of its \u00a335m sale to US-based investment firm Atlas Holdings. The deal, originally announced in January, completed this week and sees the return of the historic Bovis &#8230;<\/p>\n","protected":false},"author":1,"featured_media":517639,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[552,538],"tags":[],"class_list":["post-517628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-lendlease"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bovis returns as UK construction brand after Lendlease sale completes | Construction News<\/title>\n<meta name=\"description\" content=\"This story was written with the assistance of AI Read more about our AI experiment The Lendlease UK construction business has been rebranded as Bovis\" \/>\n<meta name=\"robots\" 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