MCI swallowed by Keepmoat

WIGAN-based residential developer MCI Developments has been acquired by regeneration and construction specialist Keepmoat.

MCI Developments is to become part of the Doncaster-headquartered Keepmoat group and will bolster the company’s social housing credentials.

MCI turned over £39.2m in the year to April 30 2016, and returned pre-tax profits of £4.5m – almost double that of the previous year.

MCI is delivering over £70m worth of contracts curently and has a three-year pipeline of sites worth more than £100m.

Keepmoat chief executive Dave Sheridan said: “I’m delighted to announce that we have reached an agreement with the shareholders of MCI Developments.

“The MCI Developments model is a natural fit with Keepmoat’s capital light business model and the two businesses already have a number of clients in common. We’re looking forward to working with them towards our common goal of building more homes faster and making a positive contribution to solving the UK housing crisis.”

Andy Garnett, director, MCI Developments, added: “We are delighted to have completed the deal with Keepmoat and we recognise the significant financial and operational benefits that this will generate for the long term growth of our business.”