REG - Mears Grp PLC - Disposal of non-core operation

MearsAnnouncement

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RNS Number : 0257V  Mears Group PLC  03 March 2026

Mears Group PLC

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

Disposal of non-core operation

 

Mears Group PLC, the leading provider of services to the Housing sector in the
UK, is pleased to announce that it has disposed of its subsidiary, Morrison
Facilities Services Limited, a business delivering Facilities Management
services, predominantly in the education and health sectors. Following the
strategic update, this business was identified as non-core to the Group and
has been the subject of a competitive sales process.

 

The sale is for a total consideration of £18.0m, settled in cash on
completion. The business was sold on a debt and cash-free basis, and with a
normal level of working capital. In the financial year ended 31 December 2025,
the Group's FM activities reported revenue and profit before tax of £32.1m
and £2.8m respectively, and these activities were previously reported within
the Maintenance-led segment.

 

Lucas Critchley, Chief Executive Officer, said:

 

"I am pleased to complete this transaction, which brings a further
simplification to the Group and is further progress against our strategic
plan, reinforcing our focus to delivering housing services, a market in which
we continue to see significant growth opportunities driven by strong
regulatory drivers. I would like to place on record my thanks to the Morrison
team, and we wish them well under new ownership."

 

The Group is due to release its results for its financial year ended 31
December 2025 on 26 March 2026

 

 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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