Social housing firm is sold for £38.5m

Published on Friday 20 November 2009 21:20

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.