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More Dew sell-offs

Receivers dispose of Dew's framework and piling operations, saving 65 jobs

RECEIVERS of the collapsed Dew Pitchmastic group sold off two more divisions of the company this week.

Ernst & Young has sold Dew Construction's frameworks division to Oldham-based DCT Civil Engineering, while Northern Irish construction giant Lagan has bought Dew's piling business. Both deals were for an undisclosed fee.

DCT, which has 200 staff, said the acquisition would boost growth and expand its client range. The senior managers under the former ownership, Les Matthews and Jon Hible, will continue to run the business, which has around 40 employees.

Managing director Peter Greenhalgh said: 'Dew has a long-standing good name in the area and they are a company we didn't find ourselves competing against that often, so it's a good fit.

'Dew has framework contracts with the Highways Agency and Coventry City Council, which gives us stability. We have plans to grow DCT, but this deal has accelerated the process quite considerably.'

Associated company DCT Developments has also bought Dew's former 3,250 sq m office complex in Oldham.

Belfast-based Lagan has transferred 25 former employees of Dew Piling following the acquisition of the division.

The £350 million construction group is hoping to gain a foothold in the UK piling market through the deal, completed last Friday. Dew Piling will maintain its trading name.

Managing director Michael Lagan said: 'I am confident we will be adding real value to our customers and the company.'

Last week, waterproofing company Pitchmastic PmB - the only member of the Dew Pitchmastic group to escape insolvency - was sold to specialist construction group GJP.

Former Dew Pitchmastic chief executive Hugh Grayson called in receivers at subsidiaries Dew Construction and Dew Remediation last month as the group fell under the weight of a £28 million pension deficit and a string of loss-making contracts. Nearly 300 staff lost their jobs.