Siteserv moves to cut residential exposure

SITESERV has moved to reduce its exposure to the residential building market with the 52 million takeover of utilities services provider Sierra Communications.

Sierra Communications operates from four locations across the country and provides services to the power, telecommunications and civil engineering markets in Ireland. Its customers include NTL, Sky and the ESB.

Siteserv said the takeover of Sierra would reduce its reliance on residential construction from half to 35% of group revenues.