Cala sold to equity firm in £210m deal

EDINBURGH homebuilder Cala Group has been bought over by a private equity firm in a £210 million deal.

Patron Capital Partners and insurer Legal & General will each acquire a 46.5 per cent stake in the business from Lloyds Banking Group.

The remainder will be held by Cala’s management team.

Chief executive Alan Brown said: “Having invested heavily in growing our land bank since 2010, we are now very well positioned to grow the business significantly over the next five years.