Gleeds sells Australian arm to MBO

Construction consultant Gleeds is selling its Australian business to a management buy-out.

The new firm called Lucrum Consulting will take on the £2bn portfolio of projects from the Australian practice, which Gleeds launched in 2005.

The business has offices in Sydney, Brisbane and Melbourne and clients across Australia and Vietnam.

Meanwhile, the UK firm has just been re-appointed to provide a raft of services including cost and project management, on phase two of a major £20m store refit programme by communication giants O2 Telefonica which will eventually bring about the re-branding of over 100 new-style mobile phones stores all over the UK.