LONDON, UK: Kier Group plc has agreed to buy most of the rail assets and the HS2 contract of Buckingham Group Contracting Limited, which is in administration, for £9.6 million in cash.
The HS2 contract is for supplying EKFB, a joint venture of Kier and other companies, which is working on the high-speed rail project.
Andrew Davies, Kier’s Chief Executive, said: “We have said before that we would look for acquisitions that add value in our core markets and help us achieve our medium-term value creation plan faster. This acquisition does that – it is a great match for our strategy and boosts our rail business, giving us new rail customers and enhancing our skills. I am happy to welcome our new staff, customers and suppliers to Kier.”
The Board said that this acquisition is not big enough to affect the Group’s financial projections for FY24 or its net cash position at the end of the year.