£200 million deals for Gloucestershire business
By Andrew Merrell | 21st June 2018
Deals with a potential value of £200 million have been won by a well-known Gloucestershire company.
Housing maintenance and care business Mears Group has revealed two major contract wins in the pipeline which the ever-conservative firm describes as "solid progress".
A trading statement from the Brockworth headquartered firm which employs an estimated 300 staff in the county says its full-year results, not yet released, are "in line with management expectations".
But it is a deal with Riverside Housing Association for £62 million, with the opportunity to extend the contract for a further five years taking the "total opportunity to £125 million" that grabs the eye.
And a joint deal to work with the London Borough of Waltham Forest over a 40-year period is valued at £75 million.
David Miles, chief executive of Mears Group, said: "I am satisfied with the progress made in the first half of 2018. The current pipeline of opportunities is particularly exciting.
"The strategic evolution of our business means we are gaining access to opportunities that previously would have been out of our reach and the senior team is very focused on converting these into secured orders.
"The Mears operation is performing very well and I am encouraged by our excellent service delivery which remains our key differentiator."
The firm's care division is also experiencing what Mears calls a "good first half". Operating profits have increased in line with previous guidance "reflecting a successful restructuring of the business and a balance of better quality contracts with a clear sustainable margin"
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