Renew disposes of Walter Lilly for 'nominal consideration'

4th Oct 2024 08:12

(Sharecast News) - Engineering services group Renew Holdings has disposed of Walter Lilly & Co to Size Holdings for "a nominal consideration" on a cash-free/debt-free basis.

Renew said on Friday that the disposal sees the group exit its only remaining specialist building business and was consistent with its 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," said the AIM-listed group.

Renew added that Size will assume any ongoing liabilities relating to Walter Lilly and stated the disposal will enhance group operating margins.

As of 1000 BST, Renew shares were down 0.70% at 1,128.0p.

Reporting by Iain Gilbert at Sharecast.com