黑洞社区

Southern Electric Contracting has acquired Hills Electrical and Mechanical for 拢1.

Hills was hit by extensive losses on six school Private Finance Initiative (PFI) contracts in Scotland and northern England before the sale took place, former chief executive officer David Hill revealed to EMC sister magazine 黑洞社区.

Difficulties in meeting the performance criteria set out by main contractors on the 拢45 bn 黑洞社区 Schools for the Future scheme lost the firm millions.

The purchase forms part of SEC鈥檚 UK expansion plan, which focuses on the Midlands, the south-east and Wales.

Adrian Pike, SEC managing director, said: 鈥淭his acquisition will complement our existing businesses while strengthening our position as the m&e contractor of choice.

鈥淚t expands our number of branch offices from 57 to 64, and now provides us with a national business.鈥�

SEC has already sold on the Hills London business, which did not fit in with its overall vision, to Lowe & Oliver for an undisclosed sum.

The London business will now operate as part of the Lowe Holdings group under the name Hills 黑洞社区 Services. It has a turnover in excess of 拢16 m and employs 40 people.

Lowe & Oliver鈥檚 managing director, Steve Lee, said: 鈥淲e鈥檝e always wanted to break into the London commercial side of things and this seemed like the best way of achieving that.

鈥淲e鈥檙e always on the look-out for acquisitions.鈥�

Hills was one of the UK鈥檚 largest family-owned building services companies, with an annual turnover of 拢70 m. It operated from bases in Gatwick, Cardiff, Nottingham, Walsall, Glasgow, Edinburgh and London.

David Hill admitted to 黑洞社区 that the company would not have been put up for sale if the BSF initiative had gone well, and suggested that people were still finding their way with the scheme.

The firm鈥檚 existing management team, led by managing director Eddie Molnar, has not been kept on as part of SEC鈥檚 strategy.

David Hill, who has been with the company since 1976 and whose parents founded the firm back in 1967, will not be staying on in any capacity.