Mowlem's £7.5 m offer for Bower Group plc has been
declared wholly unconditional and Aqumen Group Plc, Mowlem's facilities
services division takes over operational control of Bower from this month.
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Jack
McGrory, MD of Aqumen with Steve Wilton, MD Dudley Bower Services
Ltd |
The acquisition expands Aqumen’s FM base and increases
its technical and strategic management capability. In particular it provides
Aqumen with a base to focus its services offering in the retail and educational
sectors.
Bower is a national mechanical and electrical installation and maintenance
service business with a turnover in excess of £80 million, employing
over 500 people across the United Kingdom. It has substantial maintenance
capabilities servicing retail, commercial and public sector clients. In
addition it provides facilities management within the retail and further
education sectors. Bower's clients include M&S, Orange, Birmingham
City Council, Reuters and Hackney Community College. The company and its
subsidiaries will in future trade under a new identity, Dudley Bower Services
Ltd.
Aqumen’s managing director Jack McGrory said, "This acquisition
supports our strategy to develop a technical services capability in order
to offer more to our customers. Fundamental elements of the Mowlem strategy
are to invest and grow its services business, and to develop synergies
across its portfolio; this acquisition fits absolutely with this strategy".
Like many conglomerates, Mowlem is responding to City disillusion with
construction by moving more strongly into the higher rated service sector.
Since the beginning of last year, Mowlem has invested almost £50m
in strategic acquisitions for its services businesses and in specialist
activities.
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John Gains |
As a result Mowlem has increased the turnover of its services
businesses by 40% and has grown its equity stake in PPP/PFIs and investment
in specialist developments substantially.
John Gains, Mowlem Chief Executive said: "We have systemically
invested in a number of higher value added service businesses and niche
activities hereby providing a better balance to our profit earning capacity
between construction and services business streams. This latest acquisition
gives us both greater opportunities for cross selling and an enhanced
capability to offer Integrated Business Solutions to our customers. This
is in line with our declared strategy communicated early this year and
we believe gives greater benefit to our customers and shareholders."
Richard Byatt
www.aqumen.co.uk
www.mowlem.co.uk
