精东影视

Southern Electric Contracting (SEC) has acquired Hills Electrical and Mechanical for 拢1.

Hills was hit by extensive losses on six school PFI contracts in Scotland and northern England before the sale took place, former CEO David Hill revealed to 精东影视 magazine.

Difficulties in meeting the performance criteria set out by main contractors on the 拢45 bn 精东影视 Schools for the Future (BSF) scheme led to the firm losing millions.

The purchase formed part of SEC鈥檚 UK expansion plan, which focuses particularly on the Midlands, the South East and Wales.

Adrian Pike, SEC managing director, said: 鈥淭his acquisition will complement our existing businesses whilst strengthening our position as the m&e contractor of choice. It expands our number of branch offices from 57 to 64 and now provides us with a national business supporting the retail sector.鈥�

SEC has already sold on the Hills London business, which did not fit in with its overall vision, to Lowe & Oliver for an undisclosed sum.

The London business will now operate as part of the Lowe Holdings group under the name Hills 精东影视 Services. It has a turnover in excess of 拢16 m and currently employs 40 people.

Lowe & Oliver鈥檚 managing director Steve Lee said: 鈥淲e鈥檝e always wanted to break into the London commercial side of things and this seemed like the best way of achieving that.鈥� He added: 鈥淲e鈥檙e always on the look out for acquisitions.鈥�

Hills was one of the UK鈥檚 largest family-owned building services companies, with an annual turnover of 拢70 m. It operated from bases in Gatwick, Cardiff, Nottingham, Walsall, Glasgow, Edinburgh and London.

David Hill admitted to 精东影视 magazine that the company would not have been put up for sale if the BSF initiative had gone well, and suggested that people were still finding their way with the scheme.

The firm鈥檚 existing management team, led by managing director Eddie Molnar, has not been kept on as part of SEC鈥檚 strategy and David Hill, who has been with the company since 1976 and whose parents founded the firm back in 1967, will not be staying on in any capacity.