Sangwin Holdings Ltd announces that it has completed the sale of its Building and Civil Engineering and Contracting subsidiary, Sangwin Limited to Ashcourt Contracts Limited. Under the terms of the deal, Ashcourt acquired the whole of the share capital of Sangwin Limited on 31st January 2018. The business will continue to trade as Sangwin Ltd.
Nick Sangwin, MD of Sangwin Group said “the local construction sector has been extremely volatile over the last few years and the sale of our building and civil engineering contracting business will allow us to concentrate our efforts on growing our remaining businesses. The sale to Ashcourt is a great fit as it undertakes a number of development projects for its own businesses and having that potential will smooth out the peaks and troughs for Sangwin Ltd. All staff, a number of whom have been with the Sangwin Group for a number of years, will move with the company and I would personally like to thank them all for their loyalty and support over the years and I wish them every success in the future”.
Sangwin Limited was formed in 1922 but traces its roots back to the 1880s. It has worked on numerous projects over the years particularly in the Hull and East Yorkshire region including the foundations for Hull City Hall and North Bridge and more recently large-scale projects in live gas terminals.
Sangwin Concrete Products Ltd, Sangwin Plant Hire Ltd, Sangwin Surfacing Ltd and Sangwin Educational Furniture Ltd remain unaffected by the sale and remain under the ownership of Sangwin Holdings Ltd.