Firm set to concentrate on building and development
Osborne has pared back its business for the second time in six months after confirming that it has sold its property services arm.
Osborne Property Services Limited (OPSL) was set up in 2006 and employs around 230 people.
Staff were told this morning the firm has been bought for an undisclosed sum by social housing maintenance specialist Cardo Group which picked up another building maintenance specialist, LCB, earlier this year. OPSL will continue to be headed by Vicky Fordham-Lewis who has been managing director for three years.
In its last set of accounts, OPSL had a turnover of £33m for the year to September 2021 and made a pre-tax loss of £1.6m.
Earlier this year, Osborne sold its Innovaré offsite business to Bowmer & Kirkland for an undisclosed sum which saw 115 staff at £35m turnover Innovaré, which was started by Osborne 15 years ago and is based in Coventry, transferred across to B&K at the beginning of April.
The latest sale means Osborne is now a £100m construction and development business concentrating on London and the South-east with three-quarters of its income coming from publics sector clients such as Westminster and Islington councils.
The firm sold its £200m infrastructure division, which operated in the roads and rail market, to private equity in September 2021.
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