Keltbray Holdings, the specialist engineering and construction company, has agreed to acquire a portfolio of Infrastructure contracts and associated assets from the liquidators of NMNC (formerly North Midland Construction and Nomenca).
Nottinghamshire-based NMNC was a specialist engineering and construction business operating mainly in the built environment and water sectors, specialist engineering and construction. Its 2019 annual report declared an annual turnover of £404.66 million but a profit before tax of only £7.44 million (1.8% of turnover).
Administrators of NMCN Plc and NMCN Sustainable Solutions Limited were appointed on 6 October 2021. They quickly sold three business divisions and certain assets by way of a pre-pack administration process. The water business was sold to Galliford Try (Water) Limited, the telecommunications business to Svella CO2 Limited and the plant and equipment business to Svella CO3 Limited.
This latest announcement completes the sale of the infrastructure business. In a statement, Keltbray said that the acquisition fully aligns with its core purpose to redefine the way sustainable development is delivered, extending its service offering into strategically targeted infrastructure sectors, while at the same time protecting valuable engineering jobs.
The deal will also ensure continuity of delivery of vital infrastructure projects across the UK, minimising any adverse delivery impacts on customers. Keltbray has secured the futures of 117 employees and will assume responsibility for fulfilling these contracts with immediate effect, providing services to customers, including National Highways, as part of UK Government’s infrastructure investment programme to level up the country by building back better.
The acquired contracts will be managed within Keltbray’s existing infrastructure division, reporting to managing director, Phill Price.
Commenting on the transaction, Keltbray CEO Darren James said: “Keltbray are pleased with the ‘on strategy’ opportunities presented by the acquisition of these contracts, working with clients on some of the UK’s most important infrastructure projects. Today’s announcement accelerates our plans to build a resilient, growth-oriented business. Equally important, we have also safeguarded 117 valuable jobs and livelihoods that could otherwise have been lost to our industry.
“The acquisition has required a very rapid, but collaborative approach, and Keltbray would like to thank all parties for their proactivity throughout. I look forward to working with my new colleagues as we build a rewarding future together as one Keltbray.”