McInerney acquires British building company

McInerney Holdings plc has completed the acquisition of Alexander Developments, an independent house-building firm in the north-east of England.

The total consideration for the acquisition is £8.75m (€13m).

The company operates in an area bounded by Newcastle, Sunderland and Middlesbrough.

“This acquisition is a significant step forward in our plans to expand our UK operations,” said Barry O'Connor, Managing Director, McInerney Holdings.

“Alexander provides the Group with access to new markets in the North East of England that will complement our building activities in the North West of England.

“It is a foothold in a new geographic territory with a population of some 2 million people,” he added.

Alexander reported a profit before tax of £0.5 million (€0.7m) for the year ended June 30, 2003.