NMCN to spend up to 拢3.8m
Nottinghamshire contractor NMCN has acquired a loss-making water tech company as it eyes growth in the water infrastructure market.
NMCN, which was previously known as North Midland Construction, will pay up to 拢3.8m for Lintott Environmental Technologies, a firm specialising in the design and manufacture of factory-built water treatment systems and software.
The firm will hand over a nominal 拢1 with 拢650,000 set to be paid on receipt of payment of unpaid invoices issued by Lintott, which is based in Norwich.
Depending on Lintott meeting pre-tax profit targets over the next three years, NMCN will pay a maximum amount of a further 拢3m. An additional 拢85,000 will be handed over for Lintott鈥檚 subsidiary Lintott Control Systems.
For the year ended 31 December 2018 Lintott had a turnover of 拢8.5m but made a loss before tax of 拢1m, while NMCN made a pre-tax profit of 拢6m from a 拢340m revenue during the same period.
NMCN said the acquisition would allow the firm to deliver better water infrastructure which can reduce whole-life costs for customers through integrating assets and services.
The current leadership team of Lintott will remain with the firm.
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