The deal was announced on Christmas Eve ). It sees the management of the Leadbitter, led by group chief executive Bob Rendell and 聽his deputy Paul Abson, acquire 49% of the business, with Bouygues B芒timent International taking a strategic 51%.
The plans is for Bouygues to take full 100% ownership in 2015, buying out the suitably incentivised management shareholders.
Mr Rendell said: 鈥淲e are delighted to have Bouygues B芒timent International as a partner. The resources and strength which will now be available to our group will place us in a very enviable position and enable us to influence and take advantage of the new private investment models that are emerging in our core sectors, including mixed tenure regeneration and zero grant developments. I am confident that we are now extremely well placed to capture further market share in a number of key areas.鈥�
The Leadbitter Group, which consists of both Leadbitter and Denne, has a turnover approaching 拢400m.
Olivier-Marie Racine, chief executive and chairman of Bouygues B芒timent International, said: "This agreement in conjunction with the Leadbitter Group management team is an excellent illustration of our development strategy in the most buoyant regions of England."
鈥淭his development is another clear indicator of Bouygues鈥� long term strategy within the UK and is of particular importance to Warings and Bouygues UK who will be able to share experiences and in return benefit from the expertise of the Leadbitter Group.鈥�
Got a story? Email news@theconstructionindex.co.uk
