Taylor Wimpey to sell US arm

Taylor Wimpey has started a sale process on its north American business Taylor Morrison, according to today’s Financial Times.

The UK housebuilder has begun an auction as part of a strategy to make it an entirely UK business within two years, the paper states, with JP Morgan appointed to lead the sale process. It is possible the process could lead to a splitting up the firm’s US and Canadian operations.

The move comes after the firm secured agreement from its banks on a new £950m banking facility last week.

Nobody at the firm was available for comment.

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