(All updates regarding this are provided by the Hemingfords Action Group (HAG)).
The Hemingford Action Group – November 2023 Update by Iain Muspratt, Chair
On 19th September The Competition and Markets Authority (CMA) started it’s formal investigation into the proposed acquisition of Mick George Limited by a subsidiary of Heidelberg Cement AG – thus it remains on hold. On 24th October MGL had failed to provide information and documents requested by CMA which has now confirmed it will make it’s initial decision on 27 November 2023. If CMA decides there is a realistic prospect of a substantial lessening of competition it will launch a further investigation usually lasting 24 weeks.
6th November 2023
MGL have published their accounts for the year ended 30th September 2022 which show a profit of 7.6m. Those for Mick George Properties show a loss of £272k and no sales and HSBC have taken a charge against the Company and effectively the Shares
18th August 2023 Update on Heidelberg Material’s planned acquisition of Mick George Ltd
As you know this deal was announced in December last year but, although expected to conclude by end June, it has not yet been completed.
On 7th August the UK Competition Authority (Competition and Markets Authority (‘CMA’)) announced it was investigating the proposed transaction.
This is not unusual but it does mean that should CMA stipulate conditions, the shape of the transaction may change which in turn may effect plans for the Hemingford Abbots Golf Club.
Details of Shareholdings in Mick George Limited were confirmed on 1st August and remain in the hands of Mick George, Family Trusts and various senior staff and Directors.
We will continue to monitor.
12th December 2022 HAG have advised that the Mick George Group is to be acquired by Heidelberg Materials. The full press statement is below, as is a link to Heidelberg Materials website.
Acquisition set to significantly strengthen Heidelberg Materials’ circular economy activities
HEIDELBERG Materials are to acquire Mick George Group, a market-leading construction and demolition waste (CDW) recycler in the Eastern region of the UK, subject to relevant competition authority approval.
With an annual revenue of around £220 million, Mick George Group specialize in bulk excavation and earthmoving services, demolition, and environmentally sensitive waste removal, complemented by waste-management services as well as aggregates and concrete supply. The fully integrated company operates four recycling facilities, eight waste-transfer stations, 11 aggregates quarries, and 10 ready-mixed concrete plants.
Elite Precast Concrete Ltd
The acquisition will add a considerable recycling platform to Heidelberg Materials’ portfolio and significantly strengthen the company’s circular materials offering whilst complementing its existing aggregates and ready-mixed concrete business in the UK.
‘The acquisition of the Mick George Group is another significant step towards our target to offer circular alternatives for half of our concrete products by 2030. Pushing circularity and consequently recycling, reusing, and thereby reducing the use of primary raw materials is crucial to achieving Net Zero,’ said Dr Dominik von Achten, chairman of the managing board of Heidelberg Materials.
‘With the acquisition of the Mick George business, we are clearly moving towards establishing a truly circular materials and services offer in our UK business,’ added Jon Morrish, member of the managing board with responsibility for Western and Southern Europe. I warmly welcome all 1,000 Mick George employees to Heidelberg Materials and look forward to further developing the business together.’
Both parties have agreed not to disclose the financial terms of the transaction, which is expected to be completed in the second quarter of 2023.
Until we have further details it is difficult to know what implications this may have. The old HA Golf Club is owned by MGL but not the Golf Range which is effectively held by trusts of the Mick George Family
Chair The Hemingfords Action Group