REG - Mears Grp PLC - Acquisition

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RNS Number : 3035Z  Mears Group PLC  15 September 2025

Mears Group PLC

Acquisition of Pennington Choices Group Limited

 

Mears Group PLC ("Mears" or "the Group"), the leading provider of housing
services to the public and regulated sectors in the UK is pleased to announce
it has acquired 100% of the share capital of Pennington Choices Group Limited
("Pennington Choices" or "PCL") for a total cash consideration of £9.5m
settled in full on completion and financed from existing cash resources. The
business is acquired on a debt and cash free basis, with a normal level of
working capital.

 

Based in Warrington, PCL was established in 2000 by the former majority
shareholder Mark Seaborn and employs around 150 people. Mark will remain with
the business following completion to ensure a smooth transition and
integration into the wider Group. PCL has a strong reputation in the social
housing market delivering a range of Compliance activities, including but not
limited to stock condition surveys, fire risk assessments, energy performance
certification, asbestos testing and consultancy services. Mears estimates that
PCL will deliver revenue and adjusted EBITDA (post-synergies) of £17.0m and
£1.5m respectively, and be earnings accretive, in its first full year in the
Group.

 

A key component of the Group's strategy is developing its Compliance and Asset
Management service offering. The housing compliance market is fragmented,
largely single service led, and presents a significant growth opportunity. The
PCL acquisition extends Mears' capabilities in this area, strengthening its
well-rounded, holistic service offer and accelerating progress in a key
component of the Mears strategic plan.

 

Lucas Critchley, Chief Executive Officer of the Group, commented:

 

"Mears has made solid progress in developing its systems and front-line
capability to deliver Compliance services. Pennington Choices' core
competencies in professional and technical services are complementary to
Mears' existing offer and this acquisition will accelerate our progress in the
attractive and growing Compliance space.

 

"In addition to the strategic fit, importantly, we also see a strong cultural
alignment between both organisations, particularly in terms of the emphasis
given to the investment in, and development of, our respective teams, and I am
excited to welcome the employees and customers of Pennington Choices to the
Group."

 

 

For further information, contact:

 

Mears Group PLC
 
Tel: +44(0)1452 634 600

Lucas Critchley

Andrew Smith

 

Deutsche Numis
 
Tel: +44(0)207 260 1000

Julian Cater

Kevin Cruickshank

 

Panmure Liberum
 
Tel: +44(0)207 886 2500

Tom Scrivens

James Sinclair-Ford

 

About Mears

 

Mears is a leading provider of services to the Affordable Housing sector,
providing a range of services to individuals within their homes. We manage and
maintain around 450,000 homes across the UK and work predominantly with
Central Government and Local Government, typically through long-term
contracts. We equally consider the residents of the homes that we manage and
maintain to be our customers, and we take pride in the high levels of customer
satisfaction that we achieve.

 

Mears currently employs over 5,000 people and provides services in every
region of the UK. In partnership with our Housing clients, we provide property
management and maintenance services. Mears has extended its activities to
provide broader housing solutions to solve the challenge posed by the lack of
affordable housing and to provide accommodation and support for the most
vulnerable.

 

We focus on long-term outcomes for people rather than short-term solutions and
invest in innovations that have a positive impact on people's quality of life
and on their communities' social, economic, and environmental wellbeing. Our
innovative approaches and market leading positions are intended to create
value for our customers and the people they serve while also driving
sustainable financial returns for our providers of capital, especially our
shareholders.

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