2010s
In 2011, all of Galliford Try's individual house building divisions were rebranded as Linden Homes.[33] During July 2014, Galliford Try acquired Miller Construction from Miller Homes in exchange for £16.6 million.[34] One year later, it purchased Shepherd Homes.[35]
During 2012, Galliford Try was appointed by Estura on a construction project at the Salcombe Harbour Hotel in Devon,[36] in which the customer failed to submit a payment notice on time in accordance with the Housing Grants, Construction and Regeneration Act 1996, leading to the court case of Galliford Try Building Ltd v Estura Ltd., one of the leading cases on construction payment law in the UK.[37]
During 2015, Greg Fitzgerald, the company's chief executive since 2005, stepped down from his position.[38][39]
In February 2018, following the collapse the previous month of Carillion (Galliford Try's joint venture partner, with Balfour Beatty, on the Aberdeen Western Peripheral Route, AWPR), Galliford Try stated that it would need to raise £150 million to pay for cost overruns on the project;[40][41] in November 2018, the company said delays would cost an extra £20 million, taking its total project hit to £143 million.[42] CEO Peter Truscott said the company's construction division would no longer undertake fixed price major projects of this kind.[40] On 27 March 2018, the company confirmed it had successfully raised £158m in a rights issue.[43] Truscott left Galliford Try in March 2019 with Graham Prothero appointed as new CEO.[44]
During April 2019, the company announced that it would downsize its construction operation as part of a strategic review undertaken in light of additional costs from the AWPR project, and from Morrison Construction's role on the £1.35 billion Queensferry Crossing project.[45] The announcement caused Galliford Try's share price to drop 19%.[46] The company subsequently announced 350 jobs were likely to be cut – mostly in Galliford Try's Scottish infrastructure operations[47] – as the company focused on core strengths in buildings, water and highways.[48] Restructuring the construction business cost the group £10m.[49]
In July 2019, Galliford Try was suspended from the Prompt Payment Code for failing to pay suppliers on time.[50] Following improvements in its payment performance, it was restored to the Prompt Payment Code in January 2020.[51]
On 11 September 2019, the group reported revenues for the year to June 2019 of £2.863 billion (down 8% from 2018); pre-tax profit was down 27% at £104.7 million. Galliford Try reported a £61.5 million operating loss on its construction activities, with revenues down 18%, affected also by the losses incurred on the AWPR project.[52][53]
2019-2020: Sale of house-building arm
On 24 May 2019, Galliford Try's board rejected a £950 million offer from Bovis Homes (led by former CEO Fitzgerald) to purchase its Linden Homes and Partnerships and Regeneration businesses.[54] Two months later, the group was reportedly considering a possible demerger of its construction interests from the more profitable housing and partnerships business within the following two years.[55]
During September 2019, discussions with Bovis Homes about a possible sale were reopened;[56] that same month, a preliminary deal, valued at £1.075bn, was reportedly agreed.[57] Sale of the housing business would permit the recapitalisation of Galliford Try's construction business, which, following restructuring, would employ some 3,400 staff and generate revenues of around £1.4 billion.[58] On 7 November, it was reported that Bovis Homes had agreed a share and cash deal that valued Galliford Try's housing business at £1.1 billion.
