Construction company sold
One of Shropshire's biggest family-owned companies, Wrekin Construction Ltd, has been sold for an undisclosed sum. The Frain family launched the Shifnal-based building company in 1960. One of Shropshire's biggest family-owned companies, Wrekin Construction Ltd, has been sold for an undisclosed sum. The Frain family launched the Shifnal-based building company in 1960. It has now sold most of its shares to London and Middle Eastern Group. The group is controlled by the Unwin and Woodcock families who are well known in the industry. The Frain family will retain a small shareholding. Read the full story in today's Shropshire Star
It has now sold most of its shares to London and Middle Eastern Group. The group is controlled by the Unwin and Woodcock families who are well known in the industry.
The Frain family will retain a small shareholding.
The news comes on the day that chemicals and paint giant ICI revealed it had turned down a £7.2 billion takeover approach from the Dutch-owned firm behind Crown paints.
Wrekin Construction, which employs 600 and has seven depots in the UK, has three new directors, David Unwin Senior, David Unwin Junior and John Woodcock.
Wrekin executives Tony Honick and David Stephen have been invited to join board. Interim Chief Executive John Dance said the move would help to take the successful company forward and protect jobs.
The continued involvement of the Frain family, although on a lesser scale, would ensure continuity, he said. "Apart from moving location at the Runcorn site, no other change is planned.
"The company is doing well," he said.
Meanwhile ICI, best known for Dulux paints, told Dutch firm Akzo Nobel that its proposed takeover significantly undervalued the business and its prospects.
Shares in ICI jumped 16 per cent today as investors eyed further developments, particularly as Akzo Nobel said it continued to review its position.