Bullock management fancy mbo

The management team at Bullock Construction, the social housing refurbishment business within the Montpellier group, has announced that it would like to stage a management buy-out (mbo).

Bullock is based in Walsall and has operations in the north and Midlands. Managing director John Gaffney is leading the mbo move. Anticipated turnover this year is £80m.

A spokesman for Montpellier said that the approach came from Bullock’s management. “It has been profitable for a long time,” he said.

Montpellier’s group profitability was dinted last year by a £17m hit to cover provisions on legacy contracts within two other businesses within the group – Allenbuild and YJL – while they were being run by previous management teams.

Since Roy Harrison arrived as executive chairman 18 months ago, he has battled to sort out Montpellier’s muddles. After the one-off cost of the provisions in the first half of the last financial year, the Montpellier is said to have enjoyed “a good recovery” in the second half.