The buyer of Lendlease’s UK construction business intends to resurrect the Bovis brand name but is not planning a major restructure of operations, Construction News understands.
A week ago, Lendlease Group announced it had reached an agreement to sell its UK construction operations to US private equity firm Atlas Holdings for £35m.
A source told CN that Atlas will no longer be able to use the Lendlease name and is planning to rename the UK contractor, incorporating the Bovis marque, to differentiate it from its former Australian parent company.
CN also understands that Atlas Holdings, which often invests in firms that are struggling financially, considers Lendlease a fundamentally sound business and is not planning a major restructuring exercise.
Last week, Atlas said that “substantially all” of Lendlease UK’s employees will keep their jobs.
The business will operate entirely independently from envelope contractor Permasteelisa, which is already owned by Atlas Holdings.
A Lendlease spokesperson did not comment on the revival of the Bovis brand directly, but told CN: “The UK construction business will have a new name and brand on completion of the deal.
“That’s something being worked on and will be announced in due course.”
Bovis Construction was founded in London as CW Bovis & Co by Charles Bovis in 1885.
In 1974, it was acquired for £25m by P&O after a banking crisis hit Twentieth Century Banking, which Bovis had bought two years earlier.
In 1997, Bovis Homes was hived off by the parent company and floated on the London Stock Exchange. It still operates today.
Lendlease acquired Bovis Construction in 1999 and initially named it Bovis Lend Lease.
The company underwent extensive restructuring in 2009 and two years later Lendlease decided to drop the Bovis brand name.
Under the deal announced last week, Lendlease Group will receive A$70m (£35m) for its UK assets, A$20m of which will be paid in June 2026, subject to adjustment as the sale process is completed.
The sale is expected to complete before June, the end of the Australian financial year.
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Charlotte Banks