Renew Holdings pays £6.8m for Seymour (Civil Engineering Contractors)

Renew has bought Seymour (Civil Engineering Contractors), which operates in the water sector, for £6.8m.

Based in Hartlepool and founded in 1978, Seymour is active in water infrastructure maintenance, flood alleviation and coastal protection services.

Seymour’s latest turnover of £21m (12 months to 30 June 2007) left an operating profit of £700,000. It had assets worth £2m and a forward orderbook running to £14m.

Seymour’s management, who had a tiny stake-holding in the company, will stay in place following the acquisition.

Brian May, chief executive of Renew, said: “Seymour is an excellent business with an experienced management team. It has a record of delivering projects on time, within budget and with a high degree of innovation.

“This is an important step forward in the expansion of our higher-margin Specialist Engineering activities, which now make up more than 25% of turnover.”