Hargreaves Services buys C A Blackwell Group to diversify operations

The AIM-listed solid fuel supplier and bulk material logistics company announced the deal to purchase the civil engineering firm.

Hargreaves will pay £8.5m in cash, and will transfer a property owned by Blackwell at Earls Colne which has a market value of £3.35m.

It will be partially funded through the sale of two other investment properties which have a book value of £6.5m.

Hargreaves chief executive Gordon Banham said the business is “complementary to and synergistic with” its existing operations.

"The acquisition of Blackwell extends the reach of Hargreaves into the UK earthworks and civil engineering sector bringing further diversification to the Group and offering an attractive return on capital.”