Weaver bought 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 that undertake work with contract values of less than £5m.

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

Published financial results from Weaver show that the group has been making low margins, with a figure of just 0.8% in 2006 and an even lower return of 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 £2m, 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". The company has 130 employees.

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.

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.