£700m Cala sale talks may be revived – report

Edinburgh-based upmarket home builder Cala Group has engaged investment bank Lazard to revive talks about a potential £700 million sale of the firm just months after a takeover of Cala by Chinese property giant Evergrande Group collapsed, according to a Sky News report.

The report said Cala’s shareholders — Legal & General and Patron Capital — have asked Lazard to begin sounding out prospective bidders.

The shareholders have previously considered a stock market flotation for Cala — and that could remain an option depending on the fate of any deal talks.

On July 4, Cala Group issued a trading update for the 12 months to June 30 — and said it was on track to deliver annual revenue of more than £700 million for the first time, up from £587.1 million in the previous year.