Morrisroe set to buy Cementation Skanska

Date: 28 Nov 2018

Concrete and groundworks specialist Morrisroe Group is in advanced talks to buy Skanska’s foundations business Cementation.

Sources have told the Enquirer that a deal could be sealed within weeks, with it rumoured to be worth around £60m.

As yet neither Morrisroe nor Skanska have officially commented on the talks.

A deal would be a game-changer for the expanding specialist business founded by chief executive Brian Morrisroe in 1983, giving the group a foundations-to-frame solution for clients.

Skanska put the highly-regarded Cementation foundations business up for sale in May.

Cementation Skanska remains a strong business with revenue last year of £69m generating a profit of £7.5m. It employs around 380 staff and it well set for major HS2 orders.

Morrisroe, which employs around 200 staff, has been steadily growing in recent years and building up a cash war chest.

In the year to October 2017 revenue jumped nearly a third to £214m generating a £16m profit. This was delivered from major schemes like Tottenham Hotspur’s new stadium and the Greenwich Peninsula redevelopment.

Over last year cash doubled to £68m.

It is understood a deal will include the transfer of Cementation Skanska’s Bentley Works (above) site in Doncaster.

Both Skanska and Morrisroe would not comment.

Original Article:

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