Keltbray has launched a transmission arm after completing a deal to buy Spie’s distribution and transmission business.
CN revealed Keltbray’s deal to buy part of Spie back in April, as part of a push from the firm to expand its electrification capabilities.
The agreement to buy Spie’s distribution arm sees Keltbray take on 300 employees from the business.
CN understands that the new business, known as Keltbray Distribution & Transmission, will take over the former Spie division’s existing contracts.
Mike Snee has been brought back into the company as managing director for the new venture, having previously served as Spie UK director of distribution and transmission operations.
Mr Snee left the business in October 2017 along with director Steven Nanda after the firm posted losses of nearly £20m.
He will report to the group’s managing director of infrastructure and rail Phill Price.
Keltbray CEO Brendan Kerr said: “I firmly believe the regulated electricity market is an attractive sector for us to tap into, and that our existing services, including engineering design, civils, piling and enabling works will be of benefit to support and grow this utilities service portfolio.
“This acquisition will help grow our established specialist service portfolio. It will also boost our geographical reach and strengthen the Keltbray name within newer territories, such as Northern Ireland.”
In its most recent results published in April, Keltbray reported a 13 per cent increase in turnover from £369.4m to £417.5m for the year to 31 October 2017.
However, the firm’s pre-tax margin dropped from 6.4 per cent to 5.6 per cent as pre-tax profit remained broadly flat at £23.4m.