Thu, 04 Aug 2011 | DIVISION SALE
Social housing repair firm Mears Group has purchased the assets of Choices Care Community Services out of administration.
The £7.4 million deal involves the transferral of the supported living division of Choices to Mears, with around 500 staff. A deposit of £5 million secures the deal, but is dependent on the conclusive negotiations of the transferred contracts.
Gloucester-based Mears is paying for the transaction with its existing debt facilities.
Mears intends to merge the newly acquired business - which operates in Scotland and the North of England - with its own care division in Scotland. From there, plans to win more contracts throughout the rest of the UK will be put into action.
Mears says the gross assets of the new business are valued at £150,000, while the operating profit connected to the assets being bought are thought to be worth £1.5 million.
Chief executive of Mears Group, David Miles commented, “This acquisition is the first step towards implementing our stated strategy to develop a broader care offering to our clients.”
“The social care market has significant opportunities for organic growth and for further acquisitions.”
Mears Group also recently announced that it has won a £20 million contract to install solar panels with Cross Keys Homes. Mears will work alongside British Gas to put in panels to over 3,500 homes in Peterborough, in what is believed to be the biggest social housing solar panel scheme in Britain so far.
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