Buyout sees 1200 Shepherd staff join Wates

Grant Prior 3 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

Balfour Beatty delivers 2-3% construction margin goal

Leo Quinn hits phase two target of Build to Last turnaround plan
2 days ago

Firms admit price-fixing of concrete drainage products

Precast firms took part in cartel for seven years
2 days ago

£300m Edgbaston mixed-use scheme advances

Phase one office project edges closer at New Garden Square regen scheme
2 days ago

All JCB staff get £1000 Christmas bonus

Over 7,000 staff earn biggest Christmas bonus in a decade
2 days ago

Robertson appoints Morgan Sindall director

Scott Wilson is now Robertson's business development director
2 days ago

Beeston leisure centre out to bid

Bidding starts on cinema project in £30m shops and 130 homes scheme
2 days ago

Scape MD to head Perfect Circle consortium

Victoria Bambini to lead AECOM, Pick Everard and Gleeds joint venture
2 days ago

EastEnders set rebuild soars £27m over budget

NAO slams BBC for planning failures and procurement delays
3 days ago

Spurs stadium delays continue into New Year

Man Utd match will be played at Wembley next month as contractors work through Christmas
3 days ago

Speedy buys construction training business for £9m

Plant hirer buys Glasgow-based Geason in construction training push
3 days ago

Summer start for £25m Carlisle flood defence plan

Flood defence plan to be revealed three years after storm Desmond hit
3 days ago

Amco wins Dunbar railway station upgrade

Work to start next summer on new platform and footbridge
3 days ago

Architects win post-Brexit talent deal

Designers win concessions but construction still in skills turmoil
3 days ago

Boost your online presence – join the Enquirer Directory

New site for suppliers and buyers showcases products, services and latest stories
8 months ago

Essex contractor collapses after posting record results

Bolt and Heeks Ltd in administratron with 55 job losses
4 days ago

Science park starts contractor hunt for £12m office scheme

Construction work up for grabs on trio of buildings near Liverpool
4 days ago

Hitachi to pull out of £14bn Anglesey nuclear power plant

Hitachi plans for Anglesey nuclear power plant now in doubt
4 days ago

M&E specialist Ameon replaces Imtech on Graham site

Subcontractor steps in to keep project on track
4 days ago

Marshalls to buy rival concrete brick maker

Marshalls to buy Edenhall for up to £17m
4 days ago

Argent gets go-ahead for major Tottenham Hale revamp

Contractor hunt to start soon with construction set to start next summer
4 days ago

Drylining boss banned for tax dodging

Insolvency Service investigators uncover huge CIS and VAT payment discrepancies
4 days ago

£2bn Elephant & Castle shopping centre scheme final go-ahead

Demolition to start after London mayor nods through vast scheme
5 days ago

Modular building specialist goes into administration

Timber accommodation pod maker Carbon Dynamic runs out of cash on major contract
5 days ago

Structural engineer crushed under scaffold tubes

Housing giant and scaffold contractor fined a total of £180,000
5 days ago

Consultant MHBC merges with Cumming

City of London based firm now part of global giant
5 days ago

Crossrail delayed again as costs rise by another £2bn

Mayor attacks previous management team who insisted project was "on time and on budget"
5 days ago

Top housing association hires Lendlease resi chief

Richard Cook will lead Clarion Group's ambitious development plans
5 days ago

UK’s tallest Premier Inn plan in Docklands

Premier Inn books in at 30-storey mixed resi and hotel scheme
5 days ago

Kier wins £45m Cambridge schools campus phase one

Northstowe education campus includes a new 1,800 pupil secondary
5 days ago

Ian Lawson to advise McLaren on growth plans

Former Severfield and Kier boss becomes consultant at expanding contractor
5 days ago

Contractor services