Bovis' new chief executive just spent £1.4m on shares

Emma Haslett
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Bovis Homes is an enthusiastic sponsor of horse racing (Source: Getty)

Shares in Bovis Homes finished the day 1.6 per cent higher after it was revealed its new chief executive of had ploughed £1.4m of his own money into the struggling housebuilder days after he started his new job.

Shares in Bovis finished the day at 929p, its highest close since June last year when the Brexit vote knocked a third off its market cap, after company filings showed Greg Fitzgerald had bought £1.24m of shares, while his wife Judith bought shares worth £145,590.

Fitzgerald, the former chief executive of Galliford Try, began his new job at ailing Bovis last Tuesday, after he was appointed earlier this month to replace David Ritchie, who fell on his sword in January.

Ritchie's departure came days after the company admitted it had pushed some of its completions into 2017, and warned profits in 2016 were likely to be flat.

In March it emerged Redrow and Galliford Try were both sniffing around it as a possible takeover target, but both backed away shortly afterwards.

After he was appointed earlier this month, Fitzgerald said Bovis had a "great brand, excellent people and a high quality land bank".

"I very much look forward to working with the management team to restore Bovis' position as a leading housebuilder and deliver significantly improved returns to shareholders."

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