| May Gurney buys Willows Plant |
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| Thursday, 18 October 2007 | |
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May Gurney, the construction services company, has announced that it has acquired Willows Plant, the North West based gas utility maintenance contractor. Willows works primarily for National Grid on long-term maintenance contracts. The acquisition complements May Gurney's existing gas maintenance business with National Grid and strengthens the Company's strategic position in the gas market as the industry prepares for the next round of long-term gas maintenance contracts. May Gurney has acquired 100% of the share capital of Willows for an initial consideration of £4.6 million payable in cash. In addition, further contingent consideration of up to £10.0 million may be payable dependent upon securing substantial further work above the current turnover levels of Willows. In the financial year ended 31 March 2007, Willows generated profits before tax of £0.6 million on revenues of £19.1 million and reported net assets of £0.8 million. |
