|
contents | business | |||||||||
| Lovell acquires Connaught social housing contracts Morgan Sindall Group plc, the construction and regeneration group, announces that its affordable housing provider, Lovell has reached agreement to acquire the majority of the ongoing contracts and their related assets of the social housing division of Connaught plc, allowing essential maintenance services to continue without interruption. Around 2,500 employees connected with the ongoing contracts will transfer to Lovell as part of the agreement. A total cash consideration of £28 m has been paid for the assets, which represents a discount to their net book value. The payment has been made from the company's existing cash resources. At 30 June 2010, Morgan Sindall had net cash of £138m and the Group will continue to have a strong financial position following the acquisition. write your comments about the article :: © 2010 Construction News :: home page |