Galliford Try agrees rescue deal for Coventry company

Galliford Try has bought a £10m-turnover Coventry company for £1, securing 81 jobs.

It has acquired MCS Controls Systems, which is a systems integrator to the industrial and utilities sectors. MCS’s main area of operations are in the water and wastewater treatment sector.

Galliford Try said it “expects to fund certain contractual liabilities incurred prior to the completion date of the acquisition to strengthen MCS’s balance sheet and provide additional operational stability”.

MCS’s most recent accounts, for 2020, showed a £550,000 loss, following a £130,000 loss in the previous year.

Bill Hocking, chief executive of Galliford Try, said: “This acquisition is an excellent strategic fit with our enlarged water business, brings highly complementary capabilities into the group and advances our sustainable growth strategy.”

MCS is expected to complement two acquisitions made last October by Galliford Try – nmcn’s water business and Lintott Control Systems.