Insider’s Deal of the Month for May is the sale of Cheshire central heating business PH Jones to Centrica for £30m.
The company carries out more than 8,000 central heating installations every year through 28 contracts within the social housing sector and more than 500 of the group’s employees will move over under the new ownership.
In addition to Centrica’s plan to expand its social housing operation, the transaction provides a clean exit for founders Phil and Brenda Jones, who started trading in 1963.
But it is also a new start for sons Martin and Chris who will lead the group’s smart metering business, which has been retained, through the next stage of its development.
PH Jones Smart Metering Services employs the remaining 300 employees and is now set for an aggressive growth plan over the three years.
The duo, who are of course wishing their parents well on a happy retirement, have promised to build the business up with the same family values that brought £30m into the bank. Good luck to them, we say.