Lendlease has been officially renamed Bovis following the completion of the deal to sell the Australian firm’s UK contracting business to its new owner, Atlas Holdings.
In early January, Lendlease announced that it was selling its UK construction business to the American private investment firm, which owns the cladding contractor Permasteelisa, for £35 million, with £10 million payable by June next year.
A week later, it was revealed that the Bovis brand was making a comeback. It was decided to revive one of the historic construction brands, which disappeared in 2011, a decade after Lendlease acquired Bovis’ construction business from P&O for £285 million in 1999.
Under the 26-year-old deal, Lendlease retained the rights to the Bovis trademark, which first appeared in 1885 when Charles Bovis founded CW Bovis.
In a statement this evening, Bovis said:
“Following the announcement on January 2 that Lendlease had entered into a binding agreement with Atlas Holdings to sell its UK construction business, we confirm that the deal has been completed. The existing business has been renamed Bovis.”
Bovis will be led by David Cadiot, who has been appointed as the executive director of the rebranded business.
Cadiot became managing director after former chief Simon Gorski stepped down last summer. Since then, Gorski has established his own consultancy business.
Atlas operating partner and Bovis board member Peter Bacon said:
“The Lendlease UK team, now once again known as Bovis, has a long history of successfully delivering major, complex projects. We look forward to working with their talented leadership team and partners to build on Bovis’ legacy in this new chapter.”