Contractor denies fresh takeover rumours
Repairs and maintenance contractor Morrison has again vigorously denied reports that it will be sold to a rival company.
It has been reported that the firm, which made a loss of £12.7 million in the first half of 2011/12, was in talks with Mears over a possible takeover.
However, chief executive Guy Wakeley has re-iterated his insistence that no deal is in the offing.
‘Mears have been interested in Morrison for years but the business is not for sale,’ said Mr Wakeley. ‘You would think that they would have got the message by now.’
‘We have the benefit of a strong parent and a great client base and our plans are business as usual.’
Mears also denied that it is currently involved in takeover talks.
‘I don’t understand why they would say that,’ said Alan Long, executive director at the firm. ‘What we’ve always said is that we have no dealings with Morrison.’
Earlier this month, Mr Wakeley launched a robust defence of Morrison after the contractor came in for criticism for its performance on some local authority contracts. He said that he expected the company to turn a profit for the second half of the 2011/12 financial year.
Morrison, which is wholly owned by Thames Water, currently has 60 housing contracts worth around £1.4 billion.