Newspaper article The Journal (Newcastle, England)

Pounds 4.6m Buys Hargreaves Energy Firm a Niche Engineering Outfit; in Association with RBS

Newspaper article The Journal (Newcastle, England)

Pounds 4.6m Buys Hargreaves Energy Firm a Niche Engineering Outfit; in Association with RBS

Article excerpt

Byline: Karen Dent

ENERGY, waste and minerals company Hargreaves Services has acquired a niche engineering maintenance business in a pounds 4.64m deal, it was announced yesterday.

County Durham-based Hargreaves, which recently announced a 59% hike in profits to pounds 6.6m for the first half of its financial year, is paying pounds 2.2m on completion of the deal for AJS Contracts. This will be followed by two payments of pounds 1.22m each made on the first and second anniversaries of the acquisition.

AJS, based in Cresswell near Chesterfield, Derbyshire, and staffed by 50 former miners, is a great bolt-on for Hargreaves' business Norec, according to the group's chief executive Gordon Banham.

Although Norec operates equipment at power stations, it did not have the capability to repair that machinery when there were problems and it was forced to call in the services of other companies. It had previously worked with AJS in this capacity. …

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