John Laing sells Beechcroft for £34.1m

John Laing has continued to divest itself of non-core activities by selling its upmarket retirement home business Beechcroft to a management buy-out team for £34.1m.

After costs of £200,000 and writing off £900,000 of goodwill, Laing will net £33m.

The buy-out team is backed by the Bank of Scotland Corporate Banking's joint ventures team. Beechcroft operates in the south of England had a turnover of £18.2m and an operating profit £2m in 2002.

The management plans a third satellite office in 2004 in the North Thames region, to complement the existing offices in the Thames Valley and South Thames regions. A further office opening will be opened in the southern Thames Valley area in 2004/05.