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Mears builds its housing operations
Property developer Mears Group is set to boost its operations with the purchase of a majority stake in social housing business Makers UK, a subsidiary of construction firm Keller Group, for a nominal fee.
The purchase is Mears’ second this year and is set to be completed by the end of September.
The assets comprise social housing maintenance contracts with several local authorities largely within the M25. Mears predicts annualised revenue of about £10 million from these contracts once they all are mobilised. About 100 staff will transfer to Mears as part of the acquisition.
Gloucester-based Mears has a market cap of £197.6 million and made pre-tax profits of £6.58 million in the six months ending June 30, 2007, a rise of 23.3% year on year.
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