ACR-News

AIR-CONDITIONING firm Managed Support Services (formerly Worthington Nicholls) has acquired Redhill-based maintenance business Status Building Services for £3.7m.
On November 30, the MSS acquired the entire share capital of Status Building Services, which offers air-conditioning maintenance.

The latest accounts indicate that Status had net assets of £100,000 at completion and an annual turnover of £8m. Its customer base is primarily in London and the South East.

Announcing its interim results for the six months to September 30, MSS made a pre-tax loss of £2.6m, compared with a £730,000 profit last year. The group reported a turnover of £7.8m, down from £16.3m in 2008.

The group has closed its Projects division to focus on its services model. The cost of closing the division and the related redundancy costs amount to £0.9m.

Simon Beart, chief executive said: 'The rapid deterioration of market conditions led to a poor first half trading, primarily as a result of persisting with the Projects division. However, the acquisition of Status and the closure of Projects will transform the group'.