Galliford Try buys nmcn water business for £1m
Bill Hocking, Chief Executive of Galliford Try, said: “I am delighted to welcome the employees, clients and suppliers of nmcn Water to Galliford Try.
“This acquisition is an excellent strategic fit with our existing business and will accelerate the growth of our successful Environment division, providing work with new clients and increasing our capabilities.
“This is a very exciting time as we deliver our Sustainable Growth Strategy and I look forward to a bright future for our collective team.”
The company added: “Galliford Try has a detailed understanding of nmcn Water’s operations and has closely followed the evolution of the Water Business through nmcn’s refinancing process and various trading and financial disclosures through 2021.
“In combination, this knowledge has provided us with a thorough understanding of nmcn Water and its prospects.”
Approximately 900 nmcn employees will join Galliford Try as a result of the transaction, including its senior management team.
The nmcn water division generates annual revenue of around £100m.
In addition to the £1m purchase price Galliford Try will have to fund certain contractual liabilities incurred prior to the completion date of the deal which will be “necessary to provide operational stability to the Water Business.”
Nmcn went into administration earlier this week and four other parts of the business were bought by investor Svella on Thursday morning.