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Social housing firm is sold for £38.5m
LLOYDS Banking Group and private equity firm Alchemy have sold their social housing construction firm Environmental Property Services to facilities management group Mitie.
Mitie paid 38.5 million for the Kent-based firm, which last year had a turnover of 80m and pre-tax profits of 2.4m.
Peter Griffin will be continuing in his role as managing director of EPS. Founder and chairman David Anderson is set to retire.
Alchemy and HBOS – now part of Lloyds – backed the MBO of the group in 1999. In a restructuring in 2003, HBOS upped its stake to 43 per cent, with Alchemy owning 19 per cent and management 38 per cent.
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Thursday 24 May 2012
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