Leadbitter buys Denne for £17m

Leadbitter has paid £17m for Kent-based Denne Construction.

The £60m boost to turnover means that Leadbitter now anticipates turnover of £250m in 2007. Managing director Bob Rendell is targeting a pre-tax profit of £8m next year. The latest move strengthens Leadbitter’s presence in the affordable housing sector. Social housing and care homes work accounts for more than 50% of Leadbitter’s annual turnover.

Heijmans, the Dutch construction company that bought Leadbitter in February 2003, has declared an interest in expanding its UK presence. As a result, Rendell has run the rule over several other potential acquisitions and was “just pipped” on a recent transaction.

[Contract Journal, 27 September 2006, p 3]