Peterhouse Group buys Jackson for £18 million

Jackson Group, the £99 million turnover Ipswich-based civil engineering contractor, has been bought by the Peterhouse Group for £18 million. The enlarged business will have an annual turnover of £220 million.

The take-over was masterminded by Peterhouse founder and chairman David Jackson who was also non-executive chairman of the (coincidentally-named) Jackson Group.

The acquisition is a step towards Peterhouse's aim of building a construction business with a £300 million-a-year turnover and annual profits of £10 million by the end of next year.

In 1991, Peterhouse acquired the Totty Construction Group giving it a turnover of £70 million. Last year, it bought Shorco, a manufacturer of trench supports. "We improved profits by 69 per cent in the first half," said David Jackson who explained that he bought Shorco because he believed it to be underperforming.

Brokers are forecasting a profit before tax of £3 million from Peterhouse this year, with Jackson Group contributing a further £3.5 million. David Jackson said that he has a good idea of "where I might find my next acquisition," but added, "no discussions are currently underway."