Social housing contractor Bullock has been bought by Lloyds Development Capital for an estimated ￡100m, writes Tom Bill. It is understood that the Bank of Scotland, which funded a ￡42m management buyout in September 2005, sold the ￡140m-turnover company last weekend. Bullock employs 600 people and operates in the Midlands and north of England. The sale coincides with the retirement of John Gaffney, the managing director, who left Bullock on Wednesday owing to ill-health. This is the latest in a wave of mergers involving medium-sized firms and it is believed Bullock looked at a trade sale before opting for the private equity route. One source said the deal had been on the table for six months and was tied up last weekend ahead of changes to Capital Gains Tax (CGT) laws on 6 April.
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