SHARES in regional building services group Northern Bear continued to climb yesterday after it announced its second acquisition since its flotation.

The County Durham plc has acquired asbestos removal business Chirmarn, taking the number of specialist businesses within the group to seven, and said further acquisitions are planned.

Since its flotation on the Alternative Investment Market in December, shares have risen from 88p to a high of 148p last month. After falling back slightly to 136p, the firm's share price has since crept forward to close last night at 142.50p.

Chester-le-Street-based Northern Bear, which employs more than 300 people in the region, has acquired Blaydon-based Chirmarn, a specialist in the identification, treatment, removal and disposal of asbestos.

Established in 1976, Chirmarn employs about 50 people and has an annual turnover of £3.8m.

As part of the deal, Chirmarn's managing director, David Jay, has joined Northern Bear as its first full-time finance director. Chirmarn's contracts director, Dave Wales, and operations director, Steve Hampton, who have both spent more than 20 years with the company, will continue to manage its operations.

Mr Jay said: "This move will strengthen the Chirmarn business by creating dynamic links with many other companies in the building services sector, thus opening up significant cross-selling opportunities.

"It will also help us attract and retain high-quality staff, and will add to our credibility should we decide to look for funds to expand in the future."

Led by executive chairman Jon Pither, Northern Bear's acquisition strategy is based on purchasing mature, profitable owner-managed companies in the building services sector with strong management teams that are willing to carry on in post.