Durham’s Hargreaves Services plc sells Brockwell Energy in £23m deal

North East industrial and property services business Hargreaves Services plc has sold its Brockwell business for eight figures.

Hargreaves, based in Durham, sold the entire share capital of Brockwell Energy Limited to Lantern Bidco Limited for £21m.

In addition to the initial cash sum, a further £2m is payable upon the successful financial close of a future development project.

Lantern Bidco is a newly incorporated company backed by a group of international investors with experience in UK energy infrastructure.

Hargreaves Services, a diversified group focused on solid fuel supply and bulk material logistics, was advised on the deal by law firm Walker Morris.

Walker Morris partner John Hamer led the corporate team with support from Lauren Sinclair-Williams and Sarah Bruce.

Hargreaves chairman Roger McDowell said: “The board is pleased to have completed the sale of Brockwell and wishes the new owners every success in the future development of Brockwell’s renewable energy asset portfolio.”

Walker Morris’ John Hamer commented: “We’ve worked closely with Hargreaves Services over a number of years and so we are delighted to support them on this latest transaction.”