Mears Buys 3C Asset Management

Mears, the social housing repairs and maintenance provider, has bought 3C Asset Management, formerly Erinaceous Property Management

The deal will give Mears social housing maintenance contracts with 16 customers, mostly in the South of England. It is anticipated that the acquisition will add £20m to Mears’ social housing turnover this year.

The price of the deal is £1million for goodwill and the possibility of £5million to cover the value of its assets, there could be a further £6.5million depending on future performance over the next two years.

Bob Holt, Mears’ chief executive, said: "The acquisition broadens our footprint in southern England...I am delighted to welcome a further 600 employees into the group's social housing services division which is one of the growth engines of the company.”