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Connaught buys compliance businesses for £14m

Social housing contractor Connaught has bought two compliance businesses for a combined net cost of £14 million in cash.

The acquisitions of MSF and Lowe Group are in line with Connaught's strategy to build an integrated compliance services business across the UK.

Connaught snapped up Lowe Group for £7.5 million and MSF was bought for £6.5 million.

The two firms reported revenue of around £14 million collectively in the last financial year with a pre-tax profit of £2.2 million.

Connaught chairman Mark Tincknell said: "The highly fragmented compliance market, valued at £5.7 billion, is growing at a rapid 7-8 per cent per annum as private and public sector clients seek to meet their ever increasing legislative and regulatory demands. We expect this market to be a major growth opportunity for Connaught for many years to come."

MSF, a fire compliance business, based in Crawley, provides extinguisher and alarm servicing across the South East to major accounts in both the private and public sector with over 10,000 SME clients.

Lowe, based in Rotherham and trading as Necta Ltd, is an electrical compliance business, providing inspection, testing and training services to major clients in both the private and public sectors.