Well-known Knaresborough family firm sold to multinational group

One of the best known family firms in the local civil engineering sector has been sold to a large international company based in Yorkshire.
Knaresborough civil construction firm SBU has been bought for an undisclosed sum by Barnsley-based Hargreaves Industrial Services.Knaresborough civil construction firm SBU has been bought for an undisclosed sum by Barnsley-based Hargreaves Industrial Services.
Knaresborough civil construction firm SBU has been bought for an undisclosed sum by Barnsley-based Hargreaves Industrial Services.

SBU Limited and its subsidiary S&B Utilities Limited (together referred to as SBU) have been acquired by Barnsley-based Hargreaves Industrial Services Limited (HIS), a subsidiary of Hargreaves Services plc, which is headquartered in Durham and is listed on London’s junior AIM stockmarket. The value of the sale has not been disclosed.

SBU, which is based at Lingerfield Business Park north of Knaresborough, employs about 45 people and has completed projects for clients including Harrogate Town AFC, Yorkshire Water and the Ministry of Defence. It has also been a frequent supporter of various charities and causes locally.

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The acquisition includes the complete business of SBU, including all operations, offices, land, plant and equipment. SBU’s former owners, managing director Keith Swales, 77, and finance director Karen Cocker, have both left the business.

Mr Swales’ son, operations director Darren Swales, will manage the business and report to Sean Hager, managing director of HIS. All SBU’s other staff will be retained.

Darren Swales said: “The acquisition is an excellent opportunity for the business and its employees to develop and grow within and outside of the recognised industry. This opportunity will also provide strength and security to the business to develop at a pace that allows it to recover without risk from two very difficult years.”

S&B Utilities, founded in 2002, succeeded an earlier business, S&B Construction, which was established in 1978. The business changed hands in 2006 following a management buyout led by Keith and Darren Swales and Karen Cocker.

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HIS delivers materials handling, electrical and mechanical maintenance, logistics and site services, and operates in sectors including energy, utilities, steel, mining, ports, refineries and industrial bulk materials manufacturing.

It manages projects in the UK, South Africa and Asia, and has offices in Hong Kong and Malaysia, and near Johannesburg.

Sean Hager and John Samuel, group financial director of Hargreaves Services plc, have been appointed directors of SBU and will, along with Darren Swales, Lee Swales and Will Griffin, form a new management board for the business, which will report as a subsidiary of HIS.

In a statement to the stockmarket, Hargreaves said it was providing financial support to SBU as required and “has satisfied all SBU’s outstanding bank borrowings and also provided an injection of working capital”.

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