Renew goes nuclear with latest acquisition
ENGINEERING services group Renew has bought a specialist nuclear services business.
Cumbria-based Nuclear Decontamination Services Limited operates at Sellafield and other UK nuclear installations.
Leeds-based Renew is paying £235,000 for the company. Shepley Engineers, a subsidiary under the Renew banner, will absorb the business.
For the year to 31 January 2015, NDSL recorded revenue of £188,000, and pre-tax profit of £105,000.
Directors drew £82,000 in dividends from these profits.
Renew has been steadily making strategic acquisitions. PPS Electrical Ltd was bought in 2006 and Mothersill Engineering Ltd in 2009
This acquisition enhances Shepley’s ability to deliver on the recently awarded ten year £500m Decommissioning Delivery Partnership framework for Sellafield Ltd.
Renew has a market value of £240m.
It announced record results for the year to September, with pre-tax profits at £19.6m on revenues of £500m.
The Leeds-headquartered business, which employs 1,200 of its 3,000 staff in Yorkshire, works mainly on maintenance projects in regulated sectors including rail and water infrastructure.
Read next: Industry giants come up with £30m deal to aid struggling manufacturer…
