Insiders confirm talks over future of loss-making contractor
Social housing contractor Mears is in talks over a possible buy-out of rival Morrison, Building understands.
According to two separate sources close to the firms, talks with Mears over a sale have taken place, but it was unclear if Anglian Water, which owns the £267m-turnover contractor, had decided to sell the firm.
Morrison reported a £12.7m loss last year and has had contracts terminated on a number of high-profile projects. Last week the contractor was reported to be up for sale, although the company said these reports were “entirely untrue”.
Bob Holt, chairman at Mears, declined to confirm or deny he had been in talks with Morrison.
He said: “As a market leader you’d expect us to keep our eyes open, we always look at opportunities […] to boost our business.”