Sale of Kier businesses complete
Fri, 03 Aug 2012 | BUSINESS SALE
The Kier Group has completed the sale of its temporary accommodation business, along with its mechanical plant and small tools unit.
Wernick Hire has purchased the temporary accommodation business and its related real estate assets for a maximum aggregate consideration of almost £12 million, the majority of which was paid in cash upon completion.
Meanwhile, Ashstead Plant Hire Co. purchased the mechanical plant and small tools unit for a maximum aggregate consideration of just over £4 million. Again, the majority was paid in cash on completion with the balance of the consideration being retained ahead of an inspection of certain assets.
Paul Sheffield, chief executive of the Kier Group, commented on the sales: “It is important for Kier to respond to changing market conditions and, by focusing on our core business and building on our strengths, we can ensure that Kier remains a strong and resilient business and continues to grow in our chosen markets.”
The business sales have come during a period of shake-up for Kier, which is looking to offload certain assets and expand into new areas. As part of this it has completed its investment in Biogen, establishing a 50/50 joint venture with the Bedfordia Group.
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