Building services group TClarke is set to be acquired by gas company Regent for £90 million cash.
TClarke group chief executive Mark Lawrence and the rest of the executive team will continue to lead the contractor when the deal completes in Q2/3.
“Regent does not intend to make any headcount reductions as a result of the acquisition and does not intend to make any changes to the business and the conditions of employment of the employees and management of TClarke and its subsidiaries as a result of the acquisition,” a notice reads.
Regent Group, established in 1995, first bought a stake in TClarke in May 2018 and today holds around 21.5 per cent of the contractor’s shares.
A leading supplier of gas and metering services to industrial and commercial customers across the UK, it now seeks to expand into markets operated in by TClarke, such as the building services sector.
TClarke currently serves the whole of the UK from nineteen locations and is itself seeking organic growth in engineering services, technology, infrastructure, residential and hotels, and facilities management (FM) markets.
In its preliminary results, the contractor saw revenue increase by 15 per cent to £491 million (FY2022: £426 million) and reported profit after tax of £6.5 million (FY2022: £8.4 million).
Its forward order book at 31 December 2023 stood a £943 million.
Deep Valecha, CEO of Regent, said: “TClarke is a business we have long admired since we started to invest in 2018. It is well run, has a strong culture helped by a commitment to a well-established apprentice scheme which offers career progression and a high degree of staff loyalty.
“Given our admiration for TClarke, as part of our plans, we would like TClarke to continue its business in the manner in which it has been conducted. We will support the management team in their ambitions to strengthen the balance sheet, and continue to grow the business.”
TClarke chairman, Iain McCusker, added: “After careful consideration and extensive discussions, I am pleased that the TClarke Board have agreed to recommend that our shareholders accept the offer made by Regent.”
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