Weaver plc bought up by Norwest Holst

Weaver, the Midlands construction group, has been bought by Norwest Holst, part of Vinci.

The deal forms part of Vinci’s strategy of developing a network of well-established regional contractors who undertake work with a contract value of less than £5m.

Steve Hudson and Phil Waite, formerly of Norwest Holst Building division’s West Midlands region have become manger-director and commercial director, respectively, of Weaver.

Financial results from Weaver show that the group has been making low margins, with a figure of 0.8% in 2006 and 0.6% in the year before that.

Weaver’s turnover in the 12 months to 31 March 2006 ran to £30m, a drop of £6m on the previous year’s workload which stood at £36m.

Pre-tax profit in 2006 was £250,000, a modest increase over the figure of £200,000 in the year prior to that.

Cash ran to £2.0m which was slightly ahead of the previous figure of £1.8m.

Weaver’s principal activities are building along with what it describes as “the hiring and dealing in plant”.

It provides new-build and refurbishment options to clients in the industrial, commercial and retail sectors. It points to 30 years experience of D&B.

Weaver has 130 employees.

In an update to Weaver’s published figures, Vinci’s latest announcement stated a turnover figure of £43m in the year to March 2007 with the prospect of a £50m turnover in the current financial period.