He said: “Crispin & Borst will keep its brand name and be an autonomous, directly held subsidiary of Norwest Holst.”
Joyce said the deal would result in a small number of administrative job losses at Crispin & Borst, but none on site. He said: “Our overall objective at the operational level is to grow the business, not shrink it.”
Watford-based Norwest Holst, with a turnover of £380m, is owned by French construction giant Vinci. It said the acquisition of Crispin & Borst would add to its capabilities in London and south-east England. Crispin & Borst has an annual turnover of nearly £70m.
Joan Hillcock, group business development director at Crispin & Borst, said the deal would be to its advantage: “We now have the backing of an international conglomerate, which should be of benefit to us in the marketplace.”
Norwest Holst and Crispin & Borst did not say how much the deal was worth. Crispin & Borst works on new-build, maintenance, refurbishment and fit-out projects.