Tue, 05 Nov 2013 | DIVISION SALE
Haydon, the mechanical and electrical (M&E) arm of Mears, has been sold to its management for £1.
Mears bought Haydon Mechanical and Electrical (HMEL) in 1999. It specialises in designing and installing services for new-build residential developments. However, Mears has since moved its focus towards the social housing and care markets.
The company commented on the sale of the division: “In the current operating environment for mechanical & electrical engineering services, with limited new build opportunities and increasing competition for these services, HMEL has been running at a loss.
“In addition, the business is today less of a focus for Mears as it looks to grow its two profitable core divisions of social housing and care. The Board has reached the conclusion that it is in the interests of shareholders to dispose of HMEL.”
The sale contained a clause specifying that if the new owners of HMEL sell the business or its assets then Mears will receive deferred consideration of up to £7 million.
David Miles, chief executive of the Mears Group, added that Haydon had become “non-core” and in divesting the firm Mears will be able to “focus solely on growing its core operating divisions”.
HMEL generated unaudited revenues of £18.7 million in the six months to the end of June 2013 and a loss before tax of £1.4 million.
____________________________________________________________________________
Related information:
View the latest construction businesses for sale
Selling a business
This business presents a robust opportunity with an established client base across multiple sectors and a strong management team.
LEASEHOLD
Acquire a reputable accounting practice in the North West with decades of industry experience. The business has cultivated an impressive client profile, which includes a healthy proportion of limited companies.
A well-established accounting practice in West Sussex is now available for acquisition, presenting a unique opportunity for expansion or entry into a thriving market.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.