Tue, 12 Oct 2021 | ADMINISTRATION
Buyers have been pouncing on the business and assets of NMCN over the past week, after the utilities-focused contractor fell into administration earlier this month. The company collapsed after a £24 million refinancing deal led by private investment vehicle Svella fell through due to the company’s failure to sign off its audited accounts.
Since the refinancing fell through, Svella has moved to acquire NMCN’s plant hire, telecoms and transport and accommodation operations from administrators Grant Thornton, Galliford Try has acquired the firm’s water business and Keltbray has this week pounced on the infrastructure business.
Discussing the firm’s acquisitions, Svella chairman Andrew Tinkler said: “NMCN was one of the UK’s fastest-growing telecoms contractors and was actively supporting the government’s ambitions for nationwide coverage of ultrafast fibre broadband through a number of significant infrastructure contracts and frameworks. We aim to continue to deliver on these ambitions.”
“These business divisions have growth potential and we will work closely with management teams to develop a comprehensive strategic plan and provide the support and investment to deliver operational excellence, enhance their customer proposition and facilitate growth.”
Galliford Try, meanwhile, acquired NMCN Water for just £1 million. The water business reported operating profit of £7.6 million for the year ending December 2019, on revenue of £282.6 million. At the time of those reports, the division’s gross assets were valued at £70 million.
Galliford Try CEO Bill Hocking commented: “I am delighted to welcome the employees, clients and suppliers of NMCN Water to Galliford Try. This acquisition will accelerate the growth of our successful Environment business, providing work with new clients and increased capabilities. This is a very exciting time as we deliver our Sustainable Growth Strategy and I look forward to a bright future for our collective team.”
Finally, Keltbray has this week announced the acquisition of NMCN’s infrastructure business for an undisclosed sum. The acquisition is the final sell-off from the administration and has seen Keltbray take on a portfolio of infrastructure contracts along with associated assets.
Keltbray CEO Darren James said: “Keltbray are pleased with the ‘on strategy’ opportunities presented by the acquisition of these contracts, working with clients on some of the UK’s most important infrastructure projects. Today’s announcement accelerates our plans to build a resilient, growth-oriented business.”
“The acquisition has required a very rapid, but collaborative approach, and Keltbray would like to thank all parties for their proactivity throughout,” James added.
Following the close of the sell-off, Grant Thornton’s Rob Parker said: “We are very pleased to have secured this third sale which means that within less than a week of our appointment we have secured over 1,600 jobs and helped to maintain continuity and minimise the impact for the greater majority of NMCN’s customers, many of which were involved in important infrastructure projects across the UK. It was important to ensure that transactions were completed as quickly as possible.”
Read more about pressures impacting the UK construction sector.
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