REG - Renew Holdings PLC - Disposal of Walter Lilly & Co. Limited

Renew HoldingsAnnouncement

04/10/2024 07:00

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RNS Number : 8923G  Renew Holdings PLC  04 October 2024

4 October 2024

 

Renew Holdings plc

 

("Renew" or the "Group")

 

Disposal of Walter Lilly & Co. Limited

 

Renew exits Specialist Building

 

Renew (AIM: RNWH), the leading Engineering Services Group supporting the
maintenance and renewal of critical UK infrastructure, announces the disposal
of Walter Lilly & Co. Limited ("Walter Lilly") for a nominal consideration
on a cash free/debt free basis to Size Holdings Limited ("Size") (the
"Disposal"), a leading provider of premium quality construction, specialist
crafts and maintenance services. Size will assume any ongoing liabilities
relating to Walter Lilly. The Disposal will enhance Group operating margins.

 

The Disposal sees the Group exit its only remaining Specialist Building
business and is consistent with the Group's strategy of focusing activities on
Specialist Engineering where it targets end markets delivering maintenance and
renewals programmes that benefit from long-term, non-discretionary funding
programmes. Alongside the recent Excalon acquisition, Renew's strategy has
accelerated significantly over 2024 and the Group continues to strengthen its
position in its long-term growth markets.

 

Paul Scott, Chief Executive Officer of Renew, commented:

 

"I would like to thank all the staff of Walter Lilly for their dedication and
commitment over many years of service to the Group. I wish them well as they
embark on a future under new ownership."

 

 

 

For further information, please contact:

 

 Renew Holdings plc                                      www.renewholdings.com
 Paul Scott, Chief Executive Officer                     via FTI Consulting
 Sean Wyndham-Quin, Chief Financial Officer              020 3727 1000

 Deutsche Numis (Nominated Adviser and Joint Broker)     020 7260 1000
 Stuart Skinner / Kevin Cruickshank / Will Wickham

 Peel Hunt LLP (Joint Broker)                            020 7418 8900
 Ed Allsopp / Pete Mackie / Charlotte Sutcliffe

 FTI Consulting (Financial PR)                           020 3727 1000
 Alex Beagley / Tom Hufton / Amy Goldup / Matthew Young  Renew@fticonsulting.com

 

 

About Renew Holdings plc

Renew is a leading UK Engineering Services business, performing a critical
role in keeping the nation's infrastructure functioning efficiently and
safely. The Group operates through independently branded subsidiaries across
its chosen markets, delivering non-discretionary maintenance and renewal tasks
through its highly skilled, directly employed workforce.

 

Renew's activities are focused on Engineering Services, in the key markets of
Rail, Infrastructure, Energy and Environmental which are largely governed by
regulation and benefit from non-discretionary spend with long-term visibility
of committed funding.

 

For more information please visit the Renew Holdings plc
website: www.renewholdings.com (http://www.renewholdings.com/)

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