Leeds engineering services firm Renew acquires specialist nuclear services business for £235k

Leeds- based Renew, the engineering services group supporting UK infrastructure, has acquired Nuclear Decontamination Services Limited (NDSL), a small specialist nuclear services business operating at Sellafield and at other UK nuclear installations.

Following the acquisition, these specialist services will be provided through Shepley Engineers Ltd (Shepley).

For the year ending 31 January 2015, NDSL recorded revenue of £188k and a profit before taxation of £105k from which the directors drew £82k in dividends.

The acquisition cost is expected to be around £235k payable in cash of which £200k represents goodwill with the balance representing working capital. The final consideration will be determined from completion accounts to be prepared in due course.

The whole consideration will be paid from Renew’s existing cash resources.

By acquiring the complementary skills of NDSL, Shepley will be able to offer an expanded range of services at the nuclear sites where it operates.

The acquisition follows on from those of PPS Electrical Ltd in 2006 and Mothersill Engineering Ltd in 2009 which broadened the capabilities of Renew’s integrated offering and have contributed to the strong growth of Renew’s nuclear services business over the last ten years.

This acquisition enhances Shepley’s ability to deliver on the recently awarded ten year £500m Decommissioning Delivery Partnership framework for Sellafield Ltd.

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