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Accord takes a dip as it pays off start-up debt

FINANCE

PROFITS slipped at Accord last year after the housing arm went into the red but the maintenance outfit has repaid the final tranche of debt used to set up the business in 1999.

At the end of the year to June 2005, Accord, which demerged from John Doyle six years ago, had halved net debts to £7.6 million, justifying a decision not to buy part of Jarvis' road maintenance business.

Chief financial officer Adam Shutkever said : 'We talked to Jarvis and were obviously interested in looking at that. We weren't a million miles apart but we weren't able to agree a price.' Accord's roads division drove profits in the last financial year and the firm had been interested in buying part of Jarvis' operations in the East Midlands and Hertfordshire.

Mr Shutkever said: 'Accord has grown through winning contracts and that's the best way to grow because you don't get hit with the goodwill.

'We are not primarily an acquisition-driven business. The bid pipeline is as strong as it has ever been.'