In February Willmott Dixon invited expressions of interest in its Support Services division with the expectation that another company would be better placed to help the subsidiary grow and prosper. But despite weeks of talks, no satisfactory deal could be reached.
Chief Executive Rick Willmott said: “While considerable interest was received, once properly tested, all the proposals either fell short of perceived value or would have resulted in the dismantling of the business and its culture and the redistribution of its assets, which would not have been fair to either customers or employees.
“We have therefore decided to withdraw from negotiations, to reinstate the business in its longer term plans, and have re-committed our full support and energy to capture the immense potential within the current team and the support services sector.”
He added: “This process has been very hard work and at times an unhelpful distraction for the team involved. It has also highlighted their immense ability, resilience, selflessness and professionalism – of which they can be very proud and for which we are extremely grateful.”
Willmott Dixon Support Services Ltd generated £151m turnover in 2015 and made a pre-tax profit of £2.2m. Its main operations are Willmott Dixon Partnerships and Willmott Dixon Energy Services.