Morson spends £4m to buy out JV partner

AIM-listed technical recruitment specialist Morson has taken full control of a joint venture subsidiary in a £4m deal.

The Salford company has acquired the 49% it did not own of Morson Wynnwith, a business formed in June last year through the purchase of the business and assets of Wynnwith Group and its small Italian subsidiary, out of administration.

Wynnwith, established in 1973, was a well respected competitor of Morson, providing technical and engineering personnel to a range of blue chip clients in the aerospace, defence, marine, electronics, airline and rail industries and engaged over 2,000 contractors.

It had been loss-making prior to the insolvency, but in the year to March 2010 had turnover of around £70m.

Morson chief executive, Ged Mason, said: “We are delighted to have concluded the acquisition of the balance of MW bringing the whole business within the Morson Group.

“MW has continued to progress well and with the successful integration of the Wynnwith operations and client base to the enhanced suite of technical service offerings within the Morson Group, we look forward to consolidating our position in the coming year”.