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Northern Bear wants to buy up more firms

The Northern Bear group says it wants to buy up more building services companies in the north of England despite the economic downturn after a “satisfactory” start to the financial year.

The group bought the Newcastle based plumbing and heating specialist D J McGough earlier this year for £2 million.

Over the past 18 months it has also purchased building services specialist Hastie, asbestos removal company Chirman Holdings and refurbishment specialist MGM.

Jon Pither, group chairman, told its Annual General Meeting: “Despite a generally unfavorable economic climate, I am very pleased to report that Northern Bear has started the current financial year satisfactorily.

“All of our businesses have had a successful first quarter and we are currently evaluating a number of acquisitions which would complement our existing businesses, each of which are expected to continue trading successfully in the current economic conditions.

“In line with our stated acquisition strategy of acquiring well established, cash generative building services businesses based in the North of England these acquisitions, if completed, would benefit the group and enhance our earnings.”