Renew Group has sold its subsidiary Walter Lilly to Size Holdings for a nominal consideration on a cash-free/debt-free basis.
This move is set to improve the group's operating margins and aligns with its focus on specialist engineering.
Walter Lilly, known for its work in high-end residential and heritage sectors, was the last specialist building business under Renew Group.
Set up in 1924, it was part of Renew Holdings for many years.
The company specialises as a premier main contractor, serving sectors such as luxury residential, iconic and heritage buildings, scientific facilities, and facilities management.
Walter Lilly managing director Chris Butler said: “We are excited to be back under private ownership, working with the Size Group team with the clear aim of creating the highest quality construction business in the UK.
“This investment not only reflects the strength of our business and the hard work of our team, but also opens new opportunities for growth and innovation.”
Size Holdings, the new owner, is recognised for its premium construction and maintenance services and will take on any ongoing liabilities associated with Walter Lilly.
The sale is in line with Renew's strategy to concentrate on specialist engineering, targeting markets that benefit from non-discretionary funding.
This focus has been bolstered by the recent acquisition of Excalon, positioning Renew for further growth in its key markets. The Group's strategy has seen considerable advancement throughout 2024.
Renew CEO Paul Scott said: “I would like to thank all the staff of Walter Lilly for their dedication and commitment over many years of service to the Group. I wish them well as they embark on a future under new ownership.”
Renew plays a vital role in maintaining and renewing the UK's critical infrastructure. Operating through independently branded subsidiaries, it employs a highly skilled workforce to deliver essential maintenance and renewal services.
The group's emphasis is on rail, infrastructure, energy, and environmental, which are regulated and characterised by non-discretionary spending and long-term funding.
