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:
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Renew Holdings plc
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www.renewholdings.com
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Paul Scott, Chief Executive
Officer
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via FTI
Consulting
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Sean Wyndham-Quin, Chief Financial
Officer
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020 3727
1000
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Deutsche Numis (Nominated Adviser and Joint
Broker)
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020 7260
1000
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Stuart Skinner / Kevin Cruickshank /
Will Wickham
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Peel
Hunt LLP (Joint Broker)
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020 7418
8900
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Ed Allsopp / Pete Mackie / Charlotte
Sutcliffe
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FTI
Consulting (Financial PR)
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020 3727
1000
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Alex Beagley / Tom Hufton / Amy
Goldup / Matthew Young
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Renew@fticonsulting.com
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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