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Willmott Dixon Abandons Sale of Support Services

The UK’s leading independent construction and property services company, Willmott Dixon, has abandoned its Support Services sale after failing to find a suitable buyer.

Earlier in the year, the company invited interest in its Support Services division as it expected that a different firm would be better positioned to aid the growth and prosperity of the subsidiary.

However, it has now emerged that despite weeks of communication, they have been unable to reach a satisfactory deal.

Rick Willmott, Chief Executive, said that despite receiving considerable interest, further tests of the proposals revealed a short fall in their perception of value or the takeover would have resulted in the business and its culture being dismantled along with asset redistribution, which would have been unfair on employees and customers.

He added that the company has therefore made the choice to step away from the negotiation process and to reinstate the long term plans of the business by recommitting its full energy and support to capture huge potential within the current team and the support services sector.

Mr Willmott also commented that the process has been an arduous and difficult one and has at times proved to be an unhelpful distraction for his team, adding that he is pleased with the professionalism, selflessness, resilience and ability throughout the process. He said he was extremely grateful and proud of the way they have worked throughout the takeover talks.

Last year, Willmott Dixon Support Services Ltd generated a turnover of £151 million and made a £2.2 million profit before tax. Its main operations are Willmott Dixon Energy Services and Willmott Dixon Partnerships.

The company has also secured a deal to build a new £31 million computer science facility at Swansea University.

Built at its new Bay Campus site, the Swansea University Computational Foundry will commence construction work in September 2018, designed by AHR Architects.

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BDC 318 : Jul 2024