Negotiations are almost complete for the £12 million acquisition of Carlisle-headquartered Cubby Construction.
Svella plc said it was targeting completion of the deal in the coming days.
Last month, Svella said: “Over the past several months, Svella has engaged in extensive and constructive negotiations regarding a proposed £12 million investment in Cubby Construction to provide financial support and expertise.
“Since January, Svella has provided short-term debt funding to support Cubby Construction’s ongoing operations while both parties worked prudently towards finalising the necessary due diligence, funding structure and legal documentation.
“From the outset, Svella’s primary objective has been to secure a solvent, long-term solution for Cubby Construction to protect jobs, support creditors and ensure continuity across live and future customer contracts.
“The investment has the potential to support Cubby Construction’s expansion into new markets, such as energy, rail and infrastructure, while also enabling targeted acquisitions to accelerate growth.”
Andrew Tinkler, chairman of Svella Plc, said: “We remain committed to supporting Cubby Construction, its subsidiaries, employees and all stakeholders.
“Our focus is on securing the best possible outcome for everyone involved, and we will continue to work collaboratively to deliver a positive future for the business, its people and customer base.”
