Kier acquires Stewart Milne assets
15 May 2012Kier has acquired £15M of contracts and a pipeline valued at approximately £20M from Aberdeen-based housebuilder Stewart Milne.
The construction work has been acquired from Stewart Milne for a total cash consideration of £1m paid on completion. The move will also see around 20 staff transfer to Kier.
The business will operate from Aberdeen as part of Kier Group's regional network of UK construction businesses, initially using the name Kier Milne. "I am delighted that this acquisition has concluded successfully and welcome the Stewart Milne team to Kier," said Paul Sheffield, CEO of Kier Group. "We are keen to grow the business and our new base in Aberdeen should provide further, good opportunities for expansion in Scotland and the North-East."
Stewart Milne increased pre-tax profit to more than £400,000 in the year to June 2011 despite a drop in turnover from £251m to £239.4m in the same period. The company's first ever loss was reported in 2010.
