Daniel acquires pipeline builder

Daniel Contractors, based in Warrington, Lancashire, has bought Lawrence, the specialist pipeline constructor, for £500,000.

Bristol Water Group, the seller, will loan Lawrence £500,000 for the next six months and will retain some liability for the financial outcome of one un-named contract. But the seller will enjoy a £3m bonus, depending on Lawrence winning certain contracts in the future.

Financial data shows that in the 10 months to 31 January 2005, Lawrence made a loss of £900,000.

Latest published figures from Daniel Contractors show a profit of £860,000 on an annual turnover of £58m. It has a five-year £20m-a-year asset management contract with United Utilities.