A South Yorkshire-based construction firm has been sold to another business in the same sector in a deal worth £336 million.
Hope Construction Materials, which has a site in Bentley and others across Rotherham, Barnsley and Sheffield, has entered into a conditional agreement to sell the business to Breedon Aggregates Limited in Derby.
The enlarged business will operate one of the country’s largest cement plants, nearly 60 quarries and more than 200 ready-mixed concrete plants. In addition, it will have around 750m tonnes of mineral reserves and resources.
Company bosses said the combination will create a building materials group with a greater geographic spread and enhanced growth prospects. Under the terms of the transaction, the owners of Hope will become a significant shareholder in Breedon and Amit Bhatia, chairman of Hope, will take a seat on the board.
Mr Bhatia said: “Both companies are entrepreneurial and energetic and this transaction will combine the best of both teams.”
Peter Tom CBE, Breedon’s executive chairman, added: “This acquisition transforms Breedon into the UK’s leading independent building materials group.”