Mon, 22 Aug 2011 | DIVISION SALE
Mears Group is looking to sell Haydon, its ‘non-core’ mechanical and engineering division.
Mears Group, based in Gloucester, is one of the largest listed housing repair and maintenance providers in the UK. Investec is acting as Mears’ adviser in the sale. A price for Haydon has not been revealed.
Haydon specialises in properties in the healthcare, education and residential industries that are worth over £1 million.
The sale will enable Mears to concentrate on its core activity of repairing buildings, as well as expanding its new care services team, which works to support about 20,000 elderly and vulnerable people.
Mears bought Haydon in 1999, which has developed into one of the largest contractors in the South of the UK.
Haydon was set up as a hardware store in 1885 by Captain William Haydon to sell a large range of items including lawn mowers, sewing machines, baths, guns and ammunition. Today it has over 360 employees and is based in Docklands, East London.
Mears has reported an increase in sales by 16 per cent to £292.3 million for the first six months of the year. With its recent acquisition of Choices, the supported living business, the group aims to improve its care services.
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