REG - Mears Grp PLC - Contract Award

MearsAnnouncement

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RNS Number : 9287G  Mears Group PLC  01 May 2025

Mears Group PLC

("Mears" or "the Group" or "the Company")

Contract Award

 

Mears Group PLC, the leading provider of services to the Housing sector in the
UK, is pleased to confirm that it has received from Milton Keynes City Council
('MKCC'), the pre award notification for the new Housing Repairs and
Maintenance Works and Services Contract ('the contract'). The award is subject
to the successful conclusion of contractual matters and the associated
standstill period.

 

The base contract is valued at £230m over the initial period of 5 years and
will see the Group deliver both planned and reactive repairs and maintenance
works across the Council's housing stock. There is an option for the Council
to extend for a further period of 5 years which would increase the total
contract value to an estimated £475m.

 

This contract retention is significant for the Group. The MKCC partnership has
been a flagship contract for Mears since originally being secured in 2016, and
the award of the new contract reflects the high-quality service that Mears has
provided to the residents of Milton Keynes for almost a decade. The new
contract is due to commence in August 2025.

 

Lucas Critchley, Chief Executive Officer said:

 

"I am delighted to announce a positive outcome on this key contract retention.
I commend the local Mears' team, who epitomise the Mears' culture and values,
for their tremendous performance for almost a decade which has been recognised
through this new contract award. This sees the conclusion of a busy period of
contract rebids, against which the Group has secured new orders to a value
approaching £1.5bn at a 100% contract retention success rate. The retention
of the contract with MKCC is another important milestone in the delivery of
the Group's clearly communicated strategic plan, and further underpins the
Board's current year expectations."

 

 

 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 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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