Commercial Property News

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Friday, November 16, 2023

Northern Bear buys Jennings Properties Ltd

Northern Bear Plc has acquired Leeds-based roofing contractor Jennings Properties Ltd and its subsidiary Jennings Roofing Ltd for 5.1m.

The integrated building materials and services supplier said of the total, 3.32m will be satisfied in cash, and up to a further 0.6m in cash, while the balance 1.27m will be settled via the issue of about 1.03m Northern Bear's new shares.

Following the share issue, the company's issued share capital will comprise 16.95m shares. For the year to end-April, Jennings achieved a combined pretax profit of 0.68m and an aggregate turnover of 7.1m.