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Durham-headquartered Hargreaves Services plc, supplier of services to the energy, mineral and waste sectors, has bought AJS Contracts for £4.6 million.

The £4.6 million sum is to be satisfied with £2.2 million of cash on completion and two instalments of £1.2 million payable on the first and second anniversaries of the purchase.

The acquisition will complement Hargreaves’ industrial services and facilities management business, Norec, enabling Hargreaves’ Industrial Services division to extend its services to its power station customers.

AJS provides engineering maintenance services to the power generation industries from its base in Kent, including fabrication works, repairs and the provision of skilled engineering labour.

In the 12 months preceding completion, AJS is expected to achieve pre-tax profit of £1 million on sales of £6 million, with net assets of £200,000 anticipated on completion.

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