Engineering services group Amcomri Group is set to acquire the compliance and testing division of Enerveo in a £1 deal.
The transaction will be carried out through GridCore Electrical Services, a newly formed subsidiary of Amcomri. Enerveo, which is owned by SSE, has entered into a Business Purchase Agreement to sell its National Compliance and Testing division, with completion expected towards the end of May.
The deal remains subject to the successful transfer of contracts and employees to GridCore.
For the year ending 31 March 2025, the division generated revenues of around £5 million. Amcomri will acquire net assets valued at approximately £1.5 million for just £1, including an established customer base and an experienced operational team.
The move comes during a challenging period for Enerveo, which reported a 10.8 per cent drop in revenue to £194.7 million, down from £218.4 million the previous year. The business also recorded an operating loss of £800,000, compared with an £800,000 profit in FY2024, reflecting exceptional costs and ongoing strategic restructuring.
This includes the disposal of its Infrastructure Solutions arm, which incurred a £3.5 million charge as part of preparations for sale.
Despite these pressures, Enerveo strengthened its financial position, with net assets rising to £33.4 million following recapitalisation by SSE.
Amcomri said the acquisition will strengthen its presence in the power electrical maintenance and engineering sector, a key strategic focus for the group. It will also complement businesses such as Drurys Engineering and Claro Precision Engineering, both acquired in 2024.
The deal marks Amcomri’s third acquisition since joining the Alternative Investment Market in December 2024.
Looking ahead, the group expects strong financial performance for FY2025, with adjusted EBITDA forecast to rise by 17 per cent to more than £9 million. Revenues are also projected to increase by 22 per cent to around £70.9 million, up from £58.1 million.
This growth has been driven by consistent demand across Amcomri’s core markets, particularly within its Embedded Engineering division. The division has secured major new contracts with both new and existing clients, including a £12.9 million agreement with a UK-based renewable energy developer, to be delivered over the next two financial years.
Further momentum has been supported by strong demand from the defence and civil aerospace sectors.
Chief operating officer Mark O’Neill said the acquisition presents strong opportunities for collaboration across the group’s engineering businesses. He added that the company is now focused on completing the deal and working closely with the National Compliance team as the integration progresses.
Further updates are expected in due course.
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