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Wrekin acquires cable contractor

Finance

WREKIN, the privately owned contractor from Shropshire, is on the take-over trail and has bought fibre optic and cabling contractor Filcom from its chairman John Stocker for an undisclosed fee.

Wrekin and Bedfordshirebased Filcom are partners on a five-year £64 million cabling contract covering the whole of Wales for BT.

The deal is expected to push Wrekin's turnover up £15 million to £100 million this year.

Wrekin managing director John Evans said: 'The acquisition will enhance the group's current position within the telecommunications market.

'It will strengthen an area of major core activity and it will also enable us to expand into other utility markets.

'We expect the deal to be both cash and profit generative and to make further significant penetration in this sector.'

The latest results posted at Companies House show that Filcom made a £499,386 pretax profit in the year to April 30, 2001. In 2000 its profits reached just £201,852.

Turnover also rose £1.3 million to £7.7 million despite a contract to provide telecoms services to BT in Northern Ireland not being renewed after the deal lapsed last June.