WBHO, which last year bought into London concrete frame specialiss Byrne Group, has acquired a 60% holding in Russells Construction for £32.8 million, as well as purchasing 32% of shares in sister company Russell Homes for £3.2m. Overall, up will allow both businesses to grow and will unlock the potential for Russells Construction to compete for major projects.
Brothers Andrew and Gareth Russell will remain as shareholders and joint managing directors, as well as being in day-to-day control of the business.
Andrew Russell said: "It's business as usual for our staff, suppliers and customers, there's no changes in management or how we will be operating our business, but obviously this partnership opens the door for some exciting new opportunities for the future.
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"We're already competing successfully against many of the big national players and delivering major multimillion pound projects throughout Manchester, the North West and beyond. This investment supports the existing growth plan, to establish ourselves as a Tier 1 contractor.
"We're confident the substantial strategic support and financial backing WBHO provides, will, when combined with the knowledge and skills of our management and site teams on the ground, put us in an excellent position to secure an even larger volume of higher value projects throughout the North West and start to look at large-scale public sector opportunities."
Paul Foley from WBHO said: "We have been seeking growth opportunities globally and identified Russells Construction as an excellent strategic fit for our UK ambitions, with strong and steady growth, a secure forward order book, and a healthy pipeline. In addition, the investment in Russell Homes offers us entry into the UK residential market which is a particularly exciting prospect."
Image: Andrew and Gareth Russell remain as joint managing directors and shareholders.
(LM)
