Breedon to offload sites in £12.2m deal
Construction materials group Breedon is to dispose of certain assets to a counterpart for £12.2 million.
The firm, which has operations across Shropshire and the West Midlands, is offloading 14 sites to Tillicoultry Quarries Ltd on a cash and debt free basis.
The sites include 10 ready-mixed concrete plants and an asphalt plant and associated aggregates depot in England, and two quarries and a cement terminal in Scotland. Details of which sites are to be offloaded have not yet been revealed.
Breedon made the move at the direction of the Competition and Markets Authority (CMA) in order to address the watchdog's concerns that its purchase of certain assets from Cemex UK "gives rise to a realistic prospect of a substantial lessening of competition in certain areas".
Completion of the disposal is subject to final confirmation by the CMA, following a public consultation.
Breedon said it expects to be in a position to complete the disposal before the end of the year.
Pat Ward, Breedon's group chief executive, said: "We are very pleased with the outcome of this process and believe it is in the interests all stakeholders.
"It allows Breedon to realise fair value for the assets disposed of which, together with the people employed in them, will be in good hands under new ownership of Tillicoultry Quarries."
