Bob Rendell buys back Leadbitter

The building boss who built up a £340 million company from his spare bedroom in Oxfordshire today led a 45 million (£38.2 million) buy-out of the firm from its Dutch owner.

Bob Rendell founded Leadbitter in 1985 before selling it to Heijmans in 2003 but is buying back the business with the backing of another European construction heavyweight, French giant Bouygues.
Rendell, 58, and his management team will take a 49% stake in the business valued at £19 million by today's deal.

Leadbitter works across the South-East and London, and is building a new sports hall for the University of East London which will serve as a training base for the 2012 Olympics. Other London clients include housing association London & Quadrant and Imperial College.

Rendell said Bouygues' backing would give Leadbitter the financial firepower to expand at a time when deficit-busting efforts are forcing spending cuts in areas such as housing. "There is a greater need for affordable housing in this country than there has ever been. People will still build, it is just that the funding models will be different," he added.

Heijmans is selling the firm to pay down debts and focus on the Dutch market.

Leadbitter, which was first put up for sale by Heijmans last year, has 700 staff and is based near Oxford. The firm joins the French company's existing UK operations.

The deal is subject to approval from European competition authorities.

Bouygues chief executive Olivier-Marie Racine said: "This agreement with Leadbitter is an excellent illustration of our development strategy in sustainable locations around the most buoyant regions of England.