Northern Bear buys asbestos specialist Chirmarn

Northern Bear has bought asbestos specialist Chirmarn for £3.7m.

Chirmarn’s latest published turnover ran to £3.1m, although the figure is somewhat outdated as it relates to the 12 months to 30 November 2005. Operating profit during that time ran to £620,000.

Based in the North East of England, Chirmarn specialises in the identification, treatment, safe removal and disposal of all types of asbestos at both commercial and residential sites. Northern Bear said the acquisition was a good strategic fit.

Payment is in the form of £2.6m in cash and 820,000 new Northern Bear shares at an issue price of £1.40. They will begin trading on Friday 18 May.

Northern Bear floated on the alternative Investment Market (the junior portion of the stock Exchange) in December last year. It was formed to centralise a group of otherwise autonomous building services and materials companies, each of which provides products and/or services to the construction and housebuilding sectors in the North East.

Northern Bear was formed from: Isoler (fire protection specialist – bought 2005); Roof Truss (bought from its founders in 2005); Springs Roofing (July 2006); and Wensley Roofing (August 2006).

In addition to these, Floor Joist was formed to compliment the business of Roof Truss. It began trading in October 2006.