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Babcock International sells its power division to M Group Services for £50 million

  • 4 months ago (2021-12-27)
  • David Flin
Distribution 80 Europe 909

Babcock International has finalised the £50 million sale of its power business to M Group Services . The division made revenues of £70 million and pre-tax profits of £7 million in financial year 2020/21.

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The sale is part of a massive reorganisation undertaken by Babcock, which has included plans to slash its large debt, reduce bureaucracy, and cut around 1000 jobs.

David Lockwood, Chief Executive of Babcock, said: “I’m delighted that we continue to make real strides in delivering our plan of streamlining the group. The business is a great fit for M Group Services, and I wish them every success as they continue to grow their operations.”