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Mon June 21 2021

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Renew buys Welsh water business

12 Aug 13 Renew has bought Lewis Civil Engineering for a cash consideration of £7.9m.

Lewis, which is based near Cardiff, was founded in 1984 and specialises in the construction and maintenance of infrastructure and assets within the water industry. Clients include Wessex Water and Dwr Cymru Welsh Water. It provides its services through framework agreements and has approximately 175 employees.

In the year ended 31 July 2012, Lewis reported an operating profit of £1m on turnover of £20.4m. For the year to 31 July 2013, Lewis is expected to record a 20% increase in turnover and to maintain its operating profit margin.

Lewis was 80% owned by Mrs J Lewis, who has resigned from the board at completion of the transaction. David Boden, who owned the remaining 20%, continues as Lewis managing director on a two-year contract. He will report to Renew's engineering services director, Paul Scott.

Renew chairman Roy Harrison said: "Renew's presence in the environmental market will be significantly strengthened by the acquisition of Lewis. This acquisition accords with the group's clear strategy of growing its engineering services business in sustainable markets, where it can secure strong framework positions with major clients focusing on areas of non-discretionary spend."

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