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MBH Corporation bolts-on fourth acquisition of 2020

Essex-based joinery specialist GS Contracts has joined the group for £1.7mln in convertible notes and bonds

MBH Corporation Plc -
GS Contracts specialises in fit-out work for hospitality and retail sectors

MBH Corporation Plc (FRA:M8H) has expanded its construction arm with its fourth acquisition of 2020.

GS Contracts (Joinery) Limited, a specialist in high-end hospitality and retail fit-out work, has joined the group for a consideration of £1.7mln in convertible notes and bonds.

READ: MBH Corporation mulling new sources of funding to accelerate acquisitions

The payment includes the acquisition of a commercial property worth roughly £0.8mln as GS Contracts brings their own in-house production facilities.

In the 2019 calendar year, the Colchester, Essex-based firm generated revenues of £5.3mln, which MBH said will take total portfolio pro-forma revenues up to £86.8mln.

The new addition is a tactical acquisition for MBH’s existing Gaysha business, which aims to capitalise on GC Contracts’ in-house facility to expand the provision of joinery services to construction firms and grow both companies further.

In a statement, MBH chief executive officer Callum Laing said: "The acquisition of GS Contracts represents an important moment at MBH and for the team at Gaysha, showing their ambition to grow through acquisition as well as organically. 

“The companies within our construction portfolio have been hugely impressive in how they have faced the challenges the Covid-19 crisis has presented in their sector and we are excited to see what's next for GS Contracts and Gaysha.”

Gaysha CEO Ian Elsey added that his team initially worked with GC at the end of 2019. 

“The acquisition of GS Contracts gives us greater control of our supply chain as we look to capitalise on the in-house production and manufacturing expertise, coupled with our ability to now offer a full turn-key fit out and refurbishment solution to our clients across a multitude of industries," he said.

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