Walter Lilly has been in business since 1924 working on building jobs across London and the South East.

It was acquired by Y.J.Lovell in 1955 which was renamed Renew in 2006 with a focus on engineering services.

The sale sees Walter Lilly offloaded to specialist luxury contractor Size Holdings Limited for a “nominal consideration”.

Paul Scott, Chief Executive Officer of Renew, said: “I would like to thank all the staff of Walter Lilly for their dedication and commitment over many years of service to the Group. I wish them well as they embark on a future under new ownership.”

Renew added: “The disposal sees the group exit its only remaining specialist building business and is consistent with the group’s strategy of focusing activities on specialist engineering where it targets end markets delivering maintenance and renewals programmes that benefit from long-term, non-discretionary funding programmes.”

Latest results for Walter Lilly for the year to September 30 2023 show a turnover of £73.4m generating a pre-tax profit of £1.3m while the firm employed 159 staff.