Gloucester-based housing and social care provider Mears Group Plc has announced its purchase of IRT Surveys Limited (IRT) for £4.1million.

Headquartered in Dundee, IRT provides a range of data-led services focused on addressing fuel poverty, decarbonisation and energy efficiency.

The business is said to have more than 30 registered social housing provider clients spanning the UK and has surveyed over 350,000 domestic properties.

Mears, with its HQ at Gloucester Business Park in Brockworth, said it believes there are opportunities in the carbon reduction field and the acquisition will be complementary and additive to the services the group already provides.

IRT has been purchased on a cash-free, debt-free basis, consisting of an initial consideration of £3.0m, and subsequent contingent consideration of up to £1.1m, payable over a two-year period following completion.

It is believed the acquisition consideration will be settled in cash and funded out of Mears' existing cash resources.

In the year to December 31 last year, IRT reported revenues of £0.4m and an operating loss of £0.1m. The business is on track to deliver revenues of £0.8m in this financial year and an operating profit of £0.2m.

David Miles, CEO of Mears, said: "I am delighted to have completed the acquisition of IRT, as we look at ways of providing greater scale to Mears, drive our ESG agenda, and provide a broader range of services to new and existing clients.

"This deal is completely aligned with our strategy, utilising innovation and technology to drive positive change in the sphere of carbon reduction. We are excited to welcome IRT and its employees into the group."