The new Bovis chief executive has spent another £2m on shares

 
Emma Haslett
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Average House Price In The UK Rises 8% In The Year
In May Bovis announced plans to cut production (Source: Getty)

New Bovis Homes chief executive Greg Fitzgerald is determined to show his confidence in the company.

Fitzgerald, the ex-Galliford Try boss who joined the troubled housebuilder back in April, spent £1.4m on shares for himself and his wife Judith just after he took on the job.

Today the company said he had bought another 215,500 shares, worth £1.98m.

Fitzgerald joined the housebuilder earlier this year after former chief executive David Ritchie fell on his sword in January, days after the company admitted it had pushed some of its completions into 2017 and warned its 2016 profits were likely to be flat.

Since the beginning of this year the company has fought off two takeover attempts: in March Redrow and Galliford Try went head-to-head to buy the company, although eventually both backed away.

In May shares in the company rose after it cut production by as much as 15 per cent this year, saying it expected to complete 1,500 homes this year.

At the time, Fitzgerald said the company will focus on improving production processes and efficiency.

"By the end of June I will have visited all our developments and met the majority of our people; we have already identified improvements to streamline the business, provide greater focus and be more agile."

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