Sheffield’s biggest company, SIG, has sold its home insulation installation business, Miller Pattison, for £1 after a downturn in the market.
The construction materials giant said it also “expects to incur an associated exceptional charge in 2014 of c.£13m relating to the divestment.”
SIG said the sale followed “a significant downturn in market volumes due to the end of the Carbon Emissions Reduction Target scheme, subsequent lack of traction from the Green Deal and continued market uncertainty surrounding the Energy Company Obligation.”
For the 2013 financial year Miller Pattison reported sales of £25.4m and made a loss before tax of £5.2m after incurring £2.1m of net restructuring costs and goodwill impairment.
Help-Link UK, a boiler and home heating systems specialist, takes on 11 branches across the UK, their fleet of vehicles and 300-strong workforce.
A SIG spokesman added: “Following the sale SIG remains committed to the development of its wider energy management and services offering in all its countries of operation.
Help-Link managing director Mel Butler said: “Since Help-Link was established 15 years ago the company has gone from strength to strength.
“We have grown at a rapid rate and we want to continue on this growth path.
“I have always had an aim that I would like to provide energy saving measures for the entire home, and the acquisition of Miller Pattison is the first of a number of purchases in the pipeline to enable us to do this.
“The decision was born from the synergy of values with those of Help-Link’s – quality, longevity and customer care.”