Buyout sees 1200 Shepherd staff join Wates

Grant Prior 9 years ago
Share

More than 1,200 Shepherd staff will now become part of Wates as a buyout deal was finally rubber-stamped.

Wates reached an agreement today to acquire Shepherd Engineering Services (SES) and Shepherd FM plus a “significant” number of contracts and strategic frameworks from Shepherd Construction Limited.

Talks on a possible takeover have been ongoing since last December.

Wates said the deal is a major step in its ambition to boost turnover to £2bn with the Shepherd acquisition expected to add an extra £300m of revenue in the first year.

The move will see 2016 turnover touch the £1.6bn mark while total staff numbers at Wates will rise to 3,800.

The move will also see Wates boost its presence in the North and North West.

Shepherd Group will now focus on the remaining parts of the business and will retain the Shepherd Construction name.

Acquiring Shepherd Engineering Services was the main driver of the deal and former Shepherd chief executive Mark Perkins will now lead SES and join the Wates executive board.

Noel Clancy will remain as chief executive of Shepherd FM while the Shepherd Construction assets will be integrated into the Wates northern business under managing director Phil Harrison.

Andrew Davies, Chief Executive of Wates Group,told the Enquirer that the deal was funded internally but declined to put a price on the acquisition.

He said: “The family run nature of both businesses meant we could talk about this confidentially and see if a deal was possible.

“The acquisition marks another step towards Wates becoming the UK’s leader in the construction and property services sector, now boasting a distinct and outstanding engineering capability, offsite manufacturing proficiency and technical expertise in specialised construction projects.

“Our investment is expected to deliver an additional circa £300 million in turnover in the first year of trading, projecting us further towards our £2bn target and making great strides in the fulfilment of our long-term growth strategy.

“The deal is underpinned by a collective commitment to strong values of integrity, performance and respect from both organisations; shared principles that are built on a long-standing family heritage.

“We are now preparing to welcome more than 1,200 new colleagues to the business and our immediate priority is to ensure the engagement and alignment of our people, whilst remaining focussed on maintaining our reputation for excellent customer service.”

 

 

 

 

Latest news

Over £600m awarded for decarbonisation projects – full lists

Over 240 public building energy upgrade projects secure cash
6 hours ago

Ridge buys rival consultant Jubb

Acquisition will see 100 new staff join Ridge
15 hours ago

Enabling works to start on £130m Huyton town centre regen

Phase one includes a new council HQ, hotel and 72 flats
15 hours ago

Grainger build to rent pipeline rises to £1.4bn

Rental specialist buys sites in Sheffield and Cardiff to build 600 rental homes
15 hours ago

Kier wins Cambridgeshire County council estate upkeep

Firm will provide building and M&E services to 106 buildings across the county
15 hours ago

Louvres and solar shading specialist files for administration

Hampshire based ALPS lodges court notice after 25 years in business
16 hours ago

Speedy Hire posts a loss in latest results

Hire giant confident of better performance in next six months
16 hours ago

Esh to lead next phase of Riverside Sunderland regeneration

Infrastructure work will allow further development of Sheepfolds area
15 hours ago

Green light for £1.3bn Edinburgh coastal town revamp

First phase of Granton Waterfront scheme will see Cruden Homes create a new community
1 day ago

Vistry chief operating officer steps down

Earl Sibley exits as his COO role axed for more direct reporting to CEO
2 days ago

House builder Camstead goes into administration

Work stopped on three current sites
2 days ago

Death of piling legend Roger Bullivant

Industry innovator dies after long illness aged 85
2 days ago

ESS Modular went down owing suppliers £7m

Modular specialist owned by ISG owner Cathexis
2 days ago

Builders back farmers in inheritance tax protest

"A rethink is desperately needed" say National Federation of Builders
2 days ago

Willmott Dixon wins £36m leisure centre upgrade

Work to start on historic Westminster 1930s Grade II listed Seymour Centre
2 days ago

Graham wins £100m Cardiff Crossrail phase 1

Work on route to Cardiff Bay to start before end of next year
3 days ago

Laing O’Rourke appoints new European MD

Peter Lyons to take-up new role in February
3 days ago

Profits dip at Stepnell ahead of demerger

Turnover and secured workloads up ahead of restructure
3 days ago

HS2 green bridge deck takes shape

100m-wide wildlife bridge to carry hedgerows and country lane over HS2
3 days ago

1,000-home Wolverhampton city centre scheme in for planning

ECF and council advance City Centre West build to rent scheme
3 days ago

Sisk clinches £54m North London council HQ revamp

Haringey's iconic Grade II listed civic centre to be brought back into use
3 days ago

Ofgem approves £2.5bn Eastern Green Link 1

Work to start next Spring on cable project from Scotland to the north of England
4 days ago

Anglian Water hunts for £1bn delivery partner

Programme delivery partner wil integrate with client team over 15-year plan
4 days ago

Hadden collapse costs supply chain £6.7m

"Highly unlikely" subcontractors will receive anything for their unpaid invoices
4 days ago

Management buyout at M&E specialist

£25m turnover Kimpton in second MBO in its 60-year history
4 days ago

BAM finalises £71m deal to replace first major RAAC school

Work to start on new St Leonards Catholic School in Durham
4 days ago

Scaffolder hit by two tonne weight at nuclear plant

Court hands out £633,000 in fines after Dungeness B decommissioning incident
4 days ago

Go-ahead for 860,000 sq ft East London medical campus

Whitechapel Road scheme of six new and repurposed buildings
4 days ago

Site labour rates hit record high as cost inflation returns

Industry's biggest payroll firm says rates rose nearly 5% last month in London
7 days ago

Morris & Spottiswood acquires part of ISG fit-out division

ISG Cathedral acquisition saves 111 jobs and expands presence across England
1 week ago

Contractor services