Member Article

Newcastle construction plc ‘delighted’ to make first acquisition in almost ten years

Newcastle-based construction firm Northern Bear has acquired H Peel & Sons for £2.9m, the firm’s first acquisition for almost ten years.

Based in Dewsbury, West Yorkshire, H Peel is an interiors and fit-out business primarily operating in the hotel and leisure sectors.

The business generated turnover of £5.4min the year ended 31 August 2016 with a reported pretax profit of £0.4m.

The acquisition is expected to be earnings enhancing for Northern Bear in the coming year to 31 March 2018 and it is anticipated that all future earnout and deferred consideration payments will be met through cash generated by H Peel.

Steve Roberts, Executive Chairman of Northern Bear, commented:“I am delighted to announce our first acquisition for almost ten years.

“We have looked at a number of acquisition opportunities in recent years and H Peel was the first one that met all of our criteria.

“We have acquired a well-established, consistently profitable and cash generative business with a strong management team in place who are committed to remaining.”

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