Sun, 22 May 2011 | BUSINESS SALE
Herbert T. Forrest, the public and private sector social housing business based in Preston, may be placed on the market following the appointment of Rothschild, the investment bank, to review strategic options.
It is believed the company, which is owned by private equity company LDC and the management, could be worth up to £65m and will likely appeal to several private equity firms as well as listed companies in the sector.
Herbert T. Forrest was established in 1954 as a joinery company and quickly created a reputation as a high quality supplier of building and construction services to the public and private sectors. It works on a partnership basis with regional authorities and housing associations across the north of England.
In the last two months Forrest has won places on the North West Construction Hub’s Low Value framework and the Riverside framework. This ensures that Forrest is eligible to bid on an extended range of housing association construction projects in the region.
Forrest recorded sales of £52.5m in the year to 31st August 2010, up from £46.8m in the previous year. Pre-tax profits, however, dropped to £4.89m from £5.2m in 2009.
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