Mears has acquired eight of the remaining Connaught contracts that were left behind by Morgan Sindell.
The social housing and repairs maintenance provider spent Friday locked in negotiations with Connaught Partnerships administrator KPMG.
Morgan Sindall’s affordable housing arm Lovell last week acquired more than 80 per cent of Connaught’s social housing contracts for a cash consideration of £28 million after the stricken firm was placed into administration. Morgan Sindall chairman John Morgan said these contracts are worth up to £200 million per year.
Connaught Partnerships, which had a turnover in excess of £500m, was placed into administration last week after lenders failed to offer it additional funds.
CNplus understands that there is now only a handful of contracts left up for grabs.