William Hare Group has been sold to an entrepreneur based in Manchester for an undisclosed sum.
Simon Orange – co-owner of rugby union club Sale Sharks and brother of Take That member Jason Orange – bought a majority stake in the constructional steel firm.
In a statement today, the contractor said the deal “further cements the long-term stability and future of the business, offering the market a clear sign of its ambitions under a single majority shareholder to continue to offer leading structural and engineered steel solutions”.
William Hare, which is ranked 68th in the CN100 index, employs nearly 2,000 staff and was incorporated as a limited company 80 years ago by Bartle Hodgkiss, son-in-law of William Hare, who started the business in 1888.
The firm has nine offices in the UK and also operates across Europe, the UAE and India.
Under the terms of the deal, Susan Hodgkiss, Bartle’s daughter, will continue to lead William Hare as its chief executive, alongside current director Matthew Nesbit.
The firm is the second-biggest steel contractor in the UK and has worked on flagship jobs including Hinkley Point C, Battersea Power Station, HS2 and the Royal Opera House.
Nesbit said the deal was an “exciting moment for William Hare and will support our continued growth”.
“The business is in a really strong financial position, with historically high levels of cash, providing clients the confidence to continue trusting us to deliver the quality and outcomes that we have built our reputation on,” he added.
“In the current climate, it’s clear the market needs confidence in its supply chain, and with our expertise and strong financial position we believe we are well placed to provide that and deliver world-class projects across the built environment.”
Orange said: “With market-leading credentials in engineering, fabrication, construction and sustainability, I know that William Hare is a business that is built for the future and has an exciting role to play in the future of construction and manufacturing.”
On top of his involvement with Sale Sharks, Orange founded and is still the chair of CorpAcq, an investment firm based in Altrincham. A majority stake in the business was sold for more than £1bn earlier this year to private equity firm TDR Capital.
In its most recent accounts, for the year to 31 December 2023, William Hare returned to profit thanks to an uptick in its UK business and orders abroad. Its pre-tax profit of £5.8m compared with a loss of £853,000 the previous year.
Turnover also increased by 27 per cent from £248.3m to £315.5m.
In December, Nesbit told Construction News the business had successfully remained “at the forefront of our industry during a time that has been challenging, given ongoing inflationary pressures, project delays and a changing political landscape”.
In September, CN profiled the construction progress of One Leadenhall, a £275m, 36-story development comprising office, retail and restaurant space. William Hare provided steelwork for the project led by main contractor Multiplex.
William Hare is also one of the delivery partners at the Sellafield nuclear site.
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Joshua Stein