This transaction involved the purchase of a significant number of fixed and mobile assets together with the transfer of over 40 staff. Future has also entered into a long term lease for the existing premises in Hull in order to ensure continuity of service to the regional customer base.
The parties have been progressing with this project since Augean first announced its intention on 16 May this year to consult with staff over the closure of the Colt business, which it first acquired in 2016.
David Lusher, CEO for Future Industrial Services commented ;
‘’We are delighted to conclude this transaction, which represents another major milestone in the growth of the business following on from the acquisition of the Bale Group assets in 2016, and the successful MBO from previous parent One51 plc, completed in 2017 with the support of NorthEdge LLP. Over 350 colleagues now work within Future Industrial Services, and the Colt business increases the range of services we can offer to our customers. This major centre in Hull will provide real operational synergies and efficiencies to the wider business’’.