Wed, 01 Feb 2012 | DIVISION SALE
Building and property group Pochin is set to sell its underperforming concrete pumping division to an unnamed buyer.
The division had dragged down the overall performance of the business, with its sales having dived from £37 million to £30.7 million for the six months to 30 November.
The concrete division’s operations are “now classified as discontinued,” Pochin said in a statement. The losses at the firm have since been stabilised.
Pochin Concrete Pumping started out with a single concrete pump in 1969, it says on the website. It now has one of the biggest fleets of mobile concrete pumps in the world, and operates across the UK.
Pochin’s construction operation has performed well in the current difficult trading environment, chairman Richard Fildes told Manchester Evening News. It is hard to secure new contracts, though existing clients still provide good opportunities, he said.
The business is also still receiving good rental income from its investment properties, but the commercial property market is showing signs of weakening, which could affect values.
“The second half of the year should see the disposal of the concrete pumping business, leaving the remaining divisions seeking to benefit form their established position in the challenging regional market,” Mr Fildes said.
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