Henry Boot has sold its construction arm following a management buyout deal worth £4m.

The Sheffield developer and regeneration specialist announced to shareholders that it has offloaded Henry Boot Construction (HBC) to PWS Construction Limited, a newly-formed company comprising the management team of the construction division. The deal has been made possible by a vendor loan note issued by Henry Boot in a transaction which also provides for additional payments to the group in the future, based on certain performance criteria.

Henry Boot said the deal allows the group to “focus on its strategic priority areas of high quality land, prime property development and premium homes”. It said HBC is not part of the group’s medium term growth strategy and has made only a small contribution to gro

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