Connaught pays £2.5m for Maginnis

Connaught has paid £2.5m for Maginnis, the holding company of JCM, which is a maintenance services business with 162 employees serving customers in Scotland.
Mark Tincknell, chief executive of Connaught, said: "The acquisition gives us a strong foothold in Scotland and will allow us to compete for contracts arising from local authorities' commitment to delivering the Scottish Housing Quality Standard. Scotland is an area where substantial growth in this type of work is expected."
To settle the deal, Connaught is paying £2m in cash, plus £400,000-worth of new Connaught shares, with an additional £100,000 retention against potential warranty claims. The transaction also involved Connaught acquiring a property in Glasgow before selling it on for £2.2m in cash.
The Scottish Housing Quality Standard aims to improve the country's social housing stock to European standard by 2015. The programme is thought to be worth around £4bn.