The deal was announced on Christmas Eve (click here for original report). It sees the management of the Leadbitter, led by group chief executive Bob Rendell and his deputy Paul Abson, acquire 49% of the business, with Bouygues Bâtiment International taking a strategic 51%.
The plans is for Bouygues to take full 100% ownership in 2015, buying out the suitably incentivised management shareholders.
Mr Rendell said: “We are delighted to have Bouygues Bâtiment International as a partner. The resources and strength which will now be available to our group will place us in a very enviable position and enable us to influence and take advantage of the new private investment models that are emerging in our core sectors, including mixed tenure regeneration and zero grant developments. I am confident that we are now extremely well placed to capture further market share in a number of key areas.”
The Leadbitter Group, which consists of both Leadbitter and Denne, has a turnover approaching £400m.
Olivier-Marie Racine, chief executive and chairman of Bouygues Bâtiment International, said: "This agreement in conjunction with the Leadbitter Group management team is an excellent illustration of our development strategy in the most buoyant regions of England."
“This development is another clear indicator of Bouygues’ long term strategy within the UK and is of particular importance to Warings and Bouygues UK who will be able to share experiences and in return benefit from the expertise of the Leadbitter Group.”
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