Keller sells AJ Woods to Mowlem subsidiary

Ground engineering specialist Keller Group has sold the assets and undertaking of AJ Woods, its specialist stone masonry business, to Rattee & Kett, a division of Mowlem, for a nominal consideration.

Woods, which specialises in the preservation and restoration of heritage structures, operated as a division of Makers, Keller's UK structural refurbishment business.

Makers made a profit of £400,000 in the first half of 2003, but then made a loss of £1.3m in the second half. Earlier this year, chief executive Justin Atkinson said: "Makers' loss in the first half of 2004 was less, at £800,000, and I expect to make a profit in the second half."

In a statement isued to the Stock Exchange, Keller said: "The sale of Woods marks a further step in refocusing Makers on its areas of core competence."