British constructor 'considering' acquisitions

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The British construction firm Galliford Try has suggested that it will be looking to make acquisitions in the near future.

As reported by cnplus.co.uk, the group will wait for the property market to hit rock bottom before considering land purchases.

To complete any acquisitions swiftly and securely, financial and legal advisors at the company would likely conduct due diligence using a virtual data room service such as that provided by Ansarada.

Construction managing director for the group, Ken Gillespie, told cnplus.co.uk: "We are not up to our eyes in debt and have plenty of [overdraft] facility available to us.

"Over the next few months we will be looking for a feeling of confidence that we have hit the bottom of the market."

He added that once the company was "comfortable", it would begin looking at potential acquisitions in the house building market.

Staying in the UK, the property group Land Securities this week launched a rights issue in a bid to secure more than £755 million in capital.