Contractor buys response maintenance firm for undisclosed sum
Contractor Wates has bought £48m turnover social housing responsive maintenance firm Linbrook Services for an undisclosed sum.
The acquisition of 40-year old Linbrook, which employs 400 staff, will be used to bolster Wates’ housing business, Wates Living Space, which is currently focused on planned maintenance and building new homes.
Wates said the acquisition will allow it to create a national response maintenance operation. In addition Wates plans to expand this service to offer responsive maintenance to education, railway and public buildings.
Linbrook looks after 100,000 social homes, predominantly in London and the home counties. It made a pre-tax profit of £2.7m in its most recent accounts, 2009.
Paul Drechsler, chairman and CEO of Wates, said the acquisition would enable the firm to achieve “significant growth in an important market.” He said: “Wates is always looking at where we can add value for our customers, and joining with Linbrook offers us the opportunity to harness a new set of skills and expertise.”
Graham Scott, managing director of Linbrook Services, said: “We’re excited about becoming part of a company which shares our values, and look forward to using over forty years’ experience in the response services market to support Wates Living Space’s strategic expansion objectives. “