May Gurney makes gas acquisition
Norwich construction and support services company May Gurney has strengthened its strategic position in the gas market with a £14.6m acquisition – its third this year.
May Gurney announced that it had paid an initial £4.6m in cash for Willows Plant Limited, a gas utility maintenance contractor based in the North West, with a further £10m to follow, dependent on Willows securing substantial further work above its current turnover levels. The company said that its acquisition of Willows, which works mainly on long-term maintenance contracts for the National Grid, would strengthen its strategic position in the gas market as the industry prepares for the next round of long-term gas maintenance contracts. Its core market of utilities maintenance represented aro-und 30 per cent of its annual revenues, May Gurney said. It added that the purchase would complement its existing gas maintenance business with National Grid. Willows posted pre-tax profits of £600k for the year to March, on the back of £19.1m in revenues. “I am delighted to welcome the Willows team into May Gurney,” said CEO, David Sterry. “The combined skills of the two businesses will give us an excellent opportunity to secure a long-term and substantial position in the gas maintenance market.”