Renew sells gas mains arm Forefront

Aaron Morby 3 weeks ago
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Engineering construction group Renew has sold its loss-making Forefront business, finally exiting gas utility infrastructure services.

Last year Renew said it would exit low pressure, small diameter gas pipe replacement activities in the hope that the £20m revenue remaining business, now focussed on medium pressure activities, would return to profitability.

But Forefront has continued to run up losses prompting to offload Forefront to £30m turnover Kent-based road surfacing and reinstatement contractor Ferns Group for a £1.

As a result of this disposal, Renew will make a non-cash write-down in the Group’s accounts. In the last financial year, Forefront made a pre-tax loss of £2.8m.

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