Move signals product supplier’s expansion into facilities management
HVAC supplier Energy Technique has bought the maintenance division of Keighley-based SIAS Building Services from the administrator for a cash consideration of £330,000.
Deloitte, the administrator, said the assets acquired included the SIAS name, goodwill, certain maintenance contracts and associated fixed assets. Some 28 jobs have been saved in the process.
Deloitte said: “We are pleased that a sale of the maintenance part of the business was completed so quickly, thereby preserving part of SIAS’s workforce and ensuring the continued service to the company’s loyal customers.”
This acquisition is the first step in Energy Technique’s strategy of expanding the company’s product offering into the facilities management sector.
The SIAS maintenance division employs 28 staff providing heating, ventilation and air conditioning maintenance services to hotels and commercial buildings in the north, midlands and south of England, from a small head office in Crewe, Cheshire.
Unaudited turnover for the year ended 31 March 2009 amounted to £3.5 million. The business has approximately 170 planned preventive maintenance contracts providing recurring income streams and the opportunity for extra income arising from call outs and contract works.
SIAS Building Services called in the administrators after some problem contracts following a rapid expansion programme. Some 136 jobs were lost at the m&e contractor.
Electrical and Mechanical Contractor