MJ Gleeson outlines restructuring plans

URBAN regeneration specialist MJ Gleeson has set out plans to change its corporate structure.

The group, which was founded in Sheffield more than 100 years ago, is to establish a new parent company and separate MJ Gleeson Construction Services Ltd from its “core ongoing and future operations”.

“The board, together with its advisers, has closely examined the corporate structure of the group. This review has concluded that the interests of the company’s business and those of its shareholders are best served by establishing a new parent company, and carrying out a reorganisation of the group, in such a way that the building contracting and engineering businesses owned and conducted by the group and its subsidiary MJ Gleeson Construction Services are separated from the group’s core on-going and future operations in the company’s corporate structure,” it said.

“NewCo will be incorporated in England and Wales. The board believes that the proposals will facilitate the board’s objective of seeking to ensure that potential future creditors of the legacy businesses are provided for on a prudent and reasonable basis, whilst separating the legacy businesses from the group’s on-going business.”

The company said the proposals would not result in any immediate changes in the day-to-day operations of the business of the group or its strategy.