Source: Matt Leete
£1m deal involves £15m of contracts and £20m work pipeline
Kier today bought up the construction arm of Aberdeen-based contractor and housebuilder Stewart Milne for £1m.
The deal will see around 20 Stewart Milne staff transfer to Kier together with £15m worth of contracts and a £20m pipeline of potential future work.
The £1m will be paid on completion of the deal.
The new business, operating out of Aberdeen, will initially be named Kier Milne.
Kier Group chief executive Paul Sheffield said: “I am delighted that this acquisition has concluded successfully and welcome the Stewart Milne team to Kier. 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.”
When news emerged of talks between the two firms last month, Kier said in a statement that Stewart Milne’s “geographical spread, well-established reputation and customer base” would provide a good fit with Kier’s own construction business.