Hargreaves Services makes double acquisition of aggregates firms
Mon, 14 Aug 2023 | BUSINESS SALE
Hargreaves (UK) Services has acquired two businesses as part of its strategy to expand in the aggregates sector. The firm has acquired County Durham-based McLeod Construction Materials (MCM) and Greenford Haulage & Aggregates (Greenford).
MCM produces secondary aggregates for firms in the construction sector and is based at the Newlandside Quarry in County Durham (pictured above), while Greenford is an aggregate merchant and bagging business based in Darlington.
Hargreaves’ Managing Director Steve Barker said that the acquisitions are “part of a wider strategy to develop a high quality, regional aggregates, and minerals business to complement the services already offered through the Hargreaves group of companies."
A team from Andrew Jackson Solicitors LLP provided Hargreaves with legal advice on the deals. The team was led by corporate partner Philip Ashworth, who said that Hargreaves “has great aspiration and ambition in the expansion of their aggregate and minerals business.”
MCM opened the Newlandside Quarry in 2021 and the site contains approximately four million tonnes of waste tips, which are recycled by the firm to produce secondary aggregates. These secondary aggregates have a lower carbon footprint than virgin-quarried aggregates. Following the acquisition, Hargreaves aims to increase the quarry’s output over the coming months.
Hargreaves has also begun importing specialist decorative aggregates into Greenford’s operation, while helping the business expand into Lincolnshire by setting up an additional bagging operation at the firm's Groveport facility. Greenford co-founder Simon Greenwood will join Hargreaves as the company's new aggregates director.
In Greenford’s most recent accounts at Companies House, for the year ending March 31 2022, it reported total assets less liabilities of £525,988 and total equity of £56,810. In the year ending November 30 2022, meanwhile, MCM reported net liabilities of £159,392.
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