BOWEY Construction, one of the region's biggest building contractors, has paid almost £2m to purchase Bowey House, at the Newcastle Business Park, the building from which it operates, from the Bowey Group.
The transaction, which transferred ownership of the building to Bowey Construction from the end of May, marked the final phase of its demerger from the Bowey Group, which began three years ago.
The demerger started when Bowey Group moved to Team Valley and Bowey Developments was sold.
Two years later, last April, the separation process was further reinforced by a management buy-out.
In the past year, a number of major schemes have been secured, including the £20m Kings Academy, at Coulby Newham, on Teesside, a £5.5m education contract from Newcastle City Council, and a £2m social housing and community development programme for the Tees Valley Housing Group.
Bowey Construction recently predicted a £45m turnover this year, largely due to its reputation for successful partnering contracts.
Len Clark, managing director, said: "This purchase consolidates the firm's position and provides a solid base from which to operate in the future."
Published: 23/07/2003
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