Swindon-based Flynn Group has acquired a Bristol groundworks company, which trades as Kenny, in order to form an £80 million turnover group. Flynn Group, which has waste management, building maintenance, civil engineering and groundworks divisions, has been advised to go ahead with the purchase by the industrial products and services team, led
43 acres of commercial development land has just been bought by PLP’s UK logistics investments vehicle from the joint venture between Harworth Group plc and Evans Property Group for an undisclosed sum. The company will now work with AVL to begin earthworks and on and off-site infrastructure, alongside the submission of
BDC 319 : Aug 2024
Swindon-based Flynn Group has acquired a Bristol groundworks company, which trades as Kenny, in order to form an £80 million turnover group. Flynn Group, which has waste management, building maintenance, civil engineering and groundworks divisions, has been advised to go ahead with the purchase by the industrial products and services team, led by Ian Curtis at Transcend Corporate, the Birmingham and Reading-based corporate finance house. “Flynn has grown considerably in recent years, as customers utilise our company’s efficient, reliable and economic services, enabling them and ourselves to increase output. Kenny is a fine business and highly complementary, providing us with an enlarged platform to accelerate growth and expand our coverage,” said Managing director at Flynn, Alf Hambidge. John Kenny, one of the founders of the Bristol company, also commented on the purchase: “My wife Val and I have overseen Kenny from a fledgling business, to being a leading player in house-building in the South West, with an expert team that consistently provides efficient and reliable services, of which we are very proud. “As we move into our retirement, we are pleased to pass on our strong traditions to the team at Flynn and wish them well in the continued development of Kenny, and say thanks to all our staff and contractors who have helped us grow into the successful business it currently is.” The deal to purchase Kenny was funded by Allied Irish Bank and it was also advised by Foot Anstey while SGD provided financial due diligence and tax structuring advice. “There are significant opportunities for further growth as recent structural change in the housebuilding sector provides the opportunity for accelerated expansion,” added transcend corporate director, Ian Curtis.
43 acres of commercial development land has just been bought by PLP’s UK logistics investments vehicle from the joint venture between Harworth Group plc and Evans Property Group for an undisclosed sum. The company will now work with AVL to begin earthworks and on and off-site infrastructure, alongside the submission of a ”reserved matters” planning application to Leeds City Council for 850,000sqft of industrial and distribution space across 4 units. “We are very excited about this acquisition, which provides a clear opportunity for PLP to deliver high-quality logistics space in a variety of configurations for occupiers. Beyond this and our other three recent acquisitions, we continue to look for prime logistics developments and assets in key markets,” said Jeremy Greenland, CEO of PLP. Once the planning is approved, construction work will begin on the new units in Summer 2020. In addition to this purchase, PLP has also acquired a few other assets at Sheffield, Crewe and Knowsley, which will take the value of UKLV’s managed assets to £500m (€579.4m) on a completed basis. “This is an excellent outcome for all concerned which will deliver a significant proportion of the jobs promised when the Enterprise Zone was initially created. AVL’s focus now is to assist PLP to get on-site as quickly as possible so that thousands of new jobs can be delivered for the City Region to benefit from,” commented James Pitt, development director at Evans Property Group. Leader of Leeds City Council councillor Judith Blake also commented on the purchase, saying: “This deal is very welcome as it brings significant new investment into Leeds and the Leeds City Region Enterprise Zone, enhancing economic growth, job creation and innovation in the area and the city.” Established in 2015, the PLP platform is owned by Macquarie Capital, Peel Group, Ivanhoe Cambridge and its senior management team.
