AIM-listed maintenance firm agrees to buy Widacre, the owner of Willmott Dixon Housing and Widacre Homes, for £64.5m.
Maintenance firm Inspace has acquired Willmott Dixon’s social housing interests for a total of £64.5m.
AIM-listed Inspace has agreed to buy the entire issued share capital of Widacre, the owner of Willmott Dixon Housing and Widacre Homes. Inspace, which demerged from Willmott Dixon last year, will pay £44.5m cash and £20m equity.
Inspace chief financial officer Andrew Telfer said: “The obvious synergies between Widacre and Inspace make this an excellent acquisition. It positions us as a leading specialist service provider who can now offer a complete integrated service across the evolving UK social housing market.”
In a trading update, Inspace confirmed that its overall trading position was in line with forecasts for the first half of 2006. However, it said a lag in social housing contract awards and an under-spend on a Decent Homes contract was likely to create some pressure on the full year figures. The statement said the board is now taking a more conservative outlook for new contract orders for future years.