Osborne Group will shed its property maintenance division as part of an ongoing restructure.
The construction and solutions provider has agreed the sale of its Osborne Property Services Limited (OPSL) business to Cardo Group, for an undisclosed sum.
Osborne said the restructure, which follows the sale of its civil engineering division, Osborne Infrastructure Limited, in 2021, is so the Group can focus on its core construction and development business, which has a “sizeable future order book”.
At Cardo Group, the OPSL team can build on the successes of recent years and pivot to further growth in net zero, Osborne added.
Housing maintenance specialist Cardo Group was formed when social housing contractor LCB Group was sold by its founder, Liam Bevan, now CEO of Cardo Group, to private equity firm Buckthorn Partners.
It was started to support social housing providers with compliance, retrofit, maintenance and decarbonisation services.
OPSL reported turnover of around £42 million in FY2022.
All staff are transferring with the business.
Vicky Fordham-Lewis, MD of OPSL, and her management team will remain at the helm of OPSL.
An Osborne Group spokesperson said: “We have agreed the sale of OPSL today in the latest stage of the strategic review undertaken by the board earlier this year. OPSL will thrive under its new owner, and we look forward to seeing the business continue its success.
“The board is continuing to implement the outcomes of the review, focusing the Group on its core business of construction and development. Our existing projects are all going well and we are on track to deliver for our customers. The order book for 2024 continues to grow, with strong projected revenues next year.”
Bevan added: “I am delighted to welcome everyone at OPSL to the Cardo Group. They come with a proud history of doing great work in our sector and I’m confident that, with Vicky and her team, we’ll go from strength to strength. I look forward to working with them all. This acquisition is an important step for us as we continue on our path to build a national footprint.”
Fordham-Lewis said: “I am very proud to have been part of the Osborne Group. I believe that now is the perfect time for all of us at OPSL to seize this amazing opportunity. I am tremendously excited by our collaboration with Cardo Group and feel that the growing Group’s collective strengths in the fields of building maintenance and retrofit will see us evolve into a market leader, delivering the very best services to the social housing sector.”
Cardo Group strategy director, Jane Nelson, added: “This is our second acquisition in the last few months and we look forward to announcing another shortly. Our family of businesses is growing and so too is our ability to be part of the solution to the retrofit challenge in the social housing sector.”
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