CONTROL of one of the best known housebuilders north of the border has returned to Scotland following a management buy-out at Tulloch Homes.

A team led by chief executive George Fraser and chairman Tom Allison have acquired a controlling interest in the Inverness-based business from US finance giants Goldman Sachs and TPG.

The value of the deal was not disclosed.

However, Bank of Scotland has provided £30 million funding to support the management team's plans to grow the business.

Mr Allison, who used to run Clydeport, said: "This is a very significant chapter in the history of one of the most important companies in the Highlands and a deal which we're confident will secure the future of the business for many years to come."

Tulloch said the buy-out will secure 150 Scottish construction jobs.

The deal reflects the management team's confidence in the prospects for the housebuilding sector.

Tulloch has been benefiting from strong demand for homes in its core Highland markets and has branched out into Aberdeenshire.

The company is on course to sell 300 homes in the year to June, compared with 280 in the preceding period.

Finance director Sandy Grant, part of the buy-out team, highlighted a strong pipeline of developments in Tulloch's core Highlands market and two new developments in Aberdeenshire.

Last year the company noted buoyant market conditions. It said these reflected strong demand for homes combined with increased mortgage availability and the success of the official Help To Buy scheme.

In the next few weeks, Tulloch is expected to announce turnover of over £58 million for the year to 30th June 2014.

It is expected that the accounts will show the company recorded an operating profit.

However, the company will write down the value of its land bank by around £10.5 million in the accounts to reflect current market conditions.

The company made £1m profit on £45m sales in the year to June 2013, marking a big improvement in its trading fortunes. This was the first annual profit it had recorded since 2007.

Tulloch Homes was hit hard by the slump in the housing market that started in 2008.

The company racked up losses totalling £120.7m between January 2008 and June 2012.

The £30m backing provided by Bank of Scotland shows notable faith in the housebuilding sector after the lender suffered hefty losses on its activity in the industry after the boom turned to bust in 2008.

The bank acquired a 40 per cent stake in Tulloch Homes in April 2008.

Lloyds TSB ended up mounting a rescue takeover of Bank of Scotland and Halifax owner HBOS, which completed early in 2009.

The enlarged group has spent years working through the legacy of Bank of Scotland's exposure to the housebuilding and property sectors.

The company swapped £50m debt owed by Tulloch Homes for equity in July 2012.

Goldman Sachs and TPG acquired their interests in Tulloch Homes in 2013 as part of the Project Lundy transaction under which they bought a £1.2 billion portfolio of loans from Lloyds for an undisclosed sum.

Simon Sweeney, strategic finance director, Bank of Scotland, described Tulloch as a leading house builder in the Highlands which has great potential to increase its presence in the wider market in Scotland.

He added: "The house building industry makes a significant contribution to Scotland's economy and Bank of Scotland is committed to investing in the sector, whether that be lending to builders like Tulloch or helping home buyers as a major mortgage provider."