HOUSEBUILDER Redrow has sold its loss-making business in Scotland in a £49m deal.
The Flintshire-based firm said the move would allow it to focus on more lucrative markets in London and the South East.
Redrow recently said the performance of the division was not “acceptable” after it made pre-tax losses of £1.7m in the year to the end of June 2010.
The business, which consists of eight sites with planning permission, has been sold to Springfield Properties, a private construction firm based in Elgin.
Springfield will pay £5m now with the rest of the money coming as it sells developments over the next three years.The deal makes it one of Scotland’s largest independent housebuilders.