Bristol Water Group sells Lawrence

Bristol Water Group (BWG) has completed the disposal of Walter Lawrence Civil & Mechanical, its contracting subsidiary, to Land & Marine (L&M) Project Engineering, a subsidiary of Daniel Contractors.

The sale consists of a payment to L&M of £0.5m as well as payments to BWG of up to £3m payable over a three-year period dependent upon Lawrence being awarded certain contracts.

BWG has also retained liability for pension liabilities relating to the period up to completion.
It's non-regulated final salary pension scheme, within which Lawrence was the major employer, had a deficit net of tax of £1.8m as at 30 September 2004.

In the six months ended 30 September 2004, Lawrence reported an unaudited profit
before tax of £0.1m on net assets of £2m.