H&H buys out JT Design Build

Higgs & Hill has bought the business and assets of struggling JT Design Build for œ1, less than two years since a management buy-in by Roy Paramor.

Ongoing contracts and staff have been passed to a new limited company set up under the Higgs & Hill umbrella. The company will continue under the old title and Roy Paramor - who led the MBI team that bought a 25% stake - will remain as managing director, with Brian Shrubsall of H&H as chairman.

Paramor also joins the board of Higgs & Hill Construction Holdings, but his hopes of a return from his investment hang on a deferred payment scheme, worth a maximum œ2.5 million over four years.

Orders worth œ11.5 million have passed to H&H. But liability for completed jobs stay with JT's old parent, the JT Group.

JT lost œ1.3 million last year on turnover of œ20 million. This year turnover is expected to be œ37 million, but then the company will only break even. H&H is indemnified against a loss.