Renew sells Allenbuild businessPrint news article
Corporate lawyers at Walker Morris have advised AIM-listed engineering services group, Renew Holdings plc, on the disposal of Allenbuild Limited.
Allenbuild, is the new build affordable housing part of Renew’s specialist building business. It has been sold to Places for People Group Limited (PFP) for £2.75 million.
The cash sale is taking place in two tranches. PFP has acquired 50% of the issued share capital for £1.375m which has been paid in full. The second tranche, whereby PFP will assume 100% ownership of Allenbuild, will occur after ten outstanding contracts reach practical completion, which is expected to be in about 12 months’ time.
Debbie Jackson from Walker Morris advised Renew on the transaction. Debbie Jackson commented:
“We are delighted to be working with Renew again and this is our third transaction in six months for them. This highlights the upsurge in deal activity across the market that we have seen in general this year.”
Earlier in the year the Walker Morris corporate team advised Renew on is acquisition of Forefront Group Limited for £14.8 million and Clarke Telecom for £17 million.