Morgan Sindall buys social housing repair and maintenance business from MJ Gleeson for £6.6m
MJ Gleeson has completely withdrawn from contracting with the sale of its repairs and maintenance arm to Morgan Sindall for £6.6m.
Gleeson today announced that it has sold Powerminster, including subsidiary Manchester Energy Company, to Morgan Sindall. The Powerminster division provides repair and maintenance services to for social housing.
Powerminster recorded an operating profit of £1m for the year up to 30 June 2009 on a turnover of £18.7m. At that point it had gross assets of £7.1m and currently it employs around 190 people. Its main office is in Sheffield.
Dermot Gleeson, chairman of Gleeson, said “I am delighted that we have found a purchaser for our highly respected Powerminster business. The sale provides good value for our shareholders. In addition, Morgan Sindall, through its affordable housing division Lovell, will offer Powerminster a wider platform to grow and broaden its social housing activities.”
Gleeson also announced that group chief executive Chris Holt will retire on 30 September.