Stevens & Bolton LLP has advised M J Gleeson Group plc on its sale of Powerminster Gleeson Services Limited and its subsidiary, Manchester Energy Company Limited, to Lovell Partnerships Limited, a subsidiary of Morgan Sindall plc. The sale was for a cash consideration of £6.6 million.
Powerminster provides planned and responsive repairs and maintenance services, largely for social housing bodies (RSLs and Housing Associations) and local authorities through contracts and long term PFI agreements. Its main office is situated in Sheffield and it operates throughout England, with approximately 190 employees. Following the sale, the Powerminster business was rebranded as Lovell Respond.
Chris Holt, Group Chief Executive of M J Gleeson Group plc said “We were delighted with the commercial, pragmatic approach shown by Stevens & Bolton LLP on what proved to be a complex process. Their service compares well with City of London law firms and we appreciate the more competitive rates which they are able to offer”.
The Stevens & Bolton LLP team was led by head of corporate Ken Woffenden, assisted by Jenny Robertson and Mark Smith (corporate), Victoria Rolton (commercial), Howard Lupton (real estate), Kate Schmit (tax), Keir Halcomb (employment) and Rebecca Kitchener (banking). Wragge LLP acted for Lovell Partnerships Limited.