Gas supplier Regent to buy TClarke for £90m

Grant Prior 1 month ago
Share

Business gas supplier and connections specialist Regent is buying building services contractor TClarke for £90m.

The listed contractor confirmed the acquisition plan in a Stock Exchange announcement this morning and its directors will be recommending the deal to shareholders.

The 160p-per-share offer represents a 28% premium to TClarke’s closing share price of 125p yesterday.

TClarke directors believe their business has been undervalued by the market and the Regent offer “presents an opportunity for TClarke Shareholders to accelerate the crystallisation of a certain value from their investment at an attractive premium, de-risks the return of value and allows full liquidity of their investment in TClarke.”

They added that Regent will seek to continue to grow the £491m turnover business and work with existing employees.

Deep Valecha, CEO of Regent, said: “TClarke is a business we have long admired since we started to invest in 2018. It is well run, has a strong culture helped by a commitment to a well-established apprentice scheme which offers career progression and a high degree of staff loyalty.

“Given our admiration for TClarke, as part of our plans, we would like TClarke to continue its business in the manner in which it has been conducted. We will support the management team in their ambitions to strengthen the balance sheet, and continue to grow the business.

“I am excited by the opportunities this new chapter present for TClarke to pursue its long-term strategies to drive sustainable growth and innovation and explore new initiatives.”

Mark Lawrence, Chief Executive of TClarke, said: “I am pleased to share this exciting news regarding the future of TClarke. In addition to presenting an attractive premium for TClarke Shareholders, this transaction presents tremendous opportunities for TClarke to chart its own course as part of a larger group with significant financial strength, flexibility and autonomy as TClarke continues to pursue its long-term strategies that will drive sustainable growth and innovation.

“This new chapter in our journey opens doors to explore bold initiatives and opportunities that may not have been feasible in the past. I am delighted that Regent understands and appreciates the strengths of the business and will be supporting our ambitions to further develop the TClarke Group as we move forward.

“The ccquisition will allow us to prioritise initiatives that create lasting value for our customers, employees and stakeholders. Our commitment to excellence, integrity and customer satisfaction remains unwavering.”

 

 

Latest news

McAlpine pulls out of £55m Carlisle Citadels project

University of Cumbria starts hunt for replacement contractor
1 day ago

Strabag UK suffers further big trading loss

Austrian contractor is gearing up for major presence in the UK market
12 hours ago

Durham Uni picks UPP for £130m student scheme

Firm will deliver 1,000 self-catered bed spaces
12 hours ago

Architects now upbeat after 10-months of work gloom

Larger practices see rising workloads in next three months
12 hours ago

Motorist dies after collision with road paver

Police Scotland investigating fatal crash
1 day ago

McLaren Living appoints HG Construction for £69m scheme

Build to Rent scheme will transform former vacant car park site in Leeds city centre
1 day ago

Squibb liquidator probes £2m of “missing” plant

Machinery, cars and scrap metal have disappeared at demolition specialist
2 days ago

Galliford Try to re-enter affordable homes market

Contractor sets out new five-year plan to build margin to 4%
1 day ago

Former Sellar chief to lead civils contractor Kilnbridge

Owen Dannatt joins as new CEO as founder Dermot McDermott becomes Chairman
2 days ago

Hunt starts for nuclear fusion plant construction partner

Fusion energy plant to be built at West Burton coal power station site.
1 day ago

National Grid raises £7bn for big infrastructure upgrade

Rights issue to fund a major round of capital investment in energy infrastructure
1 day ago

Grenfell police probe to last at least until end of 2025

19 companies and 58 individuals could eventually face charges
2 days ago

Mace confirmed on £100m London office retrofit

Work underway on Helical's 100 New Bridge Street job near Ludgate Circus
2 days ago

Wylfa chosen for next big nuclear power station build

Government names Anglesey site for a large-scale gigawatt nuclear power plant.
2 days ago

Bowmer & Kirkland trading profit halves

Contractor buys HVAC specialist Adcock despite challenging market
2 days ago

Piling specialist Van Elle plans further job cuts

Piling specialist plans further cost savings in face of lower demand
3 days ago

Civils contractor A Catlow files administration notice

High voltage cable specialist lodges court notice
2 days ago

Green light for ARC Oxford lab campus

Work to start later this year on £40m Ascent building job
3 days ago

Stonehenge tunnel hit by another legal delay

Court upholds latest appeal against £1.7bn scheme by campaigners
3 days ago

Plans go in for huge Olympic Park construction hub

Bow Goods Yard could deliver 3.5m tonnes of materials a year to sites across London
3 days ago

40% affordable homes target for Labour’s new towns

Labour pledges to select new town sites by end of first year
3 days ago

Plan for £100m Liverpool Baltic station

Construction work could begin next year
4 days ago

Surgo Construction went down owing £4.5m

Biggest creditor is Bellway Homes after dispute on housing job
4 days ago

Vistry seals £157m West London housing deal

Around 575 homes to be built at Merrick Place scheme in Ealing
3 days ago

Streamlined Watkin Jones returns to profit in first half

Multi-room specialist sees secured work pipeline hit £1.4bn
4 days ago

Bellway hires ex-brickie as group construction chief

James Griffin to oversee move to the Future Homes Standard and timber frame.
4 days ago

Persimmon under fire for delays to £10m relief road

West Suffolk Council serves Breach of Condition Notices after timetable slips again
4 days ago

BAM wins £33m Kent secondary school job

Replacement Swanley academy to be built at live school site
4 days ago

Aluminium cladding specialist collapses

Melton Mowbray-based firm worked for several main contractors
4 days ago

Brickwork contractor Lee Marley returns to profit

Affordable and rental homes demand lifts brickwork contractor
5 days ago

Contractor services