Shepherd has reached a preliminary agreement for the sale of two of its Built Environment businesses to Wates Group.

Shepherd Engineering Services and Shepherd FM will both be acquired by Wates in addition to a significant amount of contracts and frameworks.

David Williams, Chair of Shepherd, said: "This deal would support our long-term growth strategy, providing exciting opportunities for the businesses retained in Shepherd Group as well as those involved in the proposed sale.

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"Our aim is to ensure the best possible future opportunity for all our businesses – and that includes Shepherd Construction, Shepherd Engineering Services and Shepherd FM.

"This transaction would also enable Shepherd Group to focus future investment on significant sustainable development opportunities such as the continued expansion of our Portakabin business."

Andrew Davies, Chief Executive of Wates, added: "The acquisition of Shepherd Construction's capability, Shepherd Engineering Services and Shepherd FM would complement and enhance our existing Construction and Property Services businesses, with access to additional areas of expertise in off-site construction, design for manufacture and assembly operations and expansion in new markets into the North of England."

(LM)