Highland entrepreneur Roy MacGregor has acquired one of the region’s largest building firms through his Inverness-based investment group, GEG Capital.
It is the second time in five years , WGC (Scotland) has changed hands.
GEG Capital has acquired it from its two directors for an undisclosed sum.
All 60 WGC workers will be retained after the deal, with commercial manager Rhona Donnelly lined up to replace current managing director Dougal Murray at the helm.
Mr Murray will retire later in the year following a handover to his successor.
WGC, which also has its headquarters in Inverness, will continue as a standalone entity within GEG Capital.
Founded as William Gray Construction by Willie Gray in 2001, WGC has worked on a raft of high profile regeneration projects in Inverness.
Mr Gray sold his majority stake in the business to fellow shareholders in early 2018.
He said the move guaranteed the long-term future of the firm after a health scare gave him a “wake up call”.
The management “buy-in” saw Mr Murray become MD, while fellow shareholder Pauline Fox stayed on as finance director.
Documents lodged at Companies show that, as of late December 2020, WGC was majority owned by Mr Murray, with fellow director Robert Bruce having a minor stake.
Ms Fox, who also previously held a stake, resigned as a director in April 2020.
The last published accounts for WGC show it turned over £10.5 million during the 12 months to December 31 2020, down from £17.7m in 2019 as Covid-19 hit trading.
Its holding company posted losses of £138,753 for the latest period, compared with profits of £107,918 previously.
GEG Capital said last year it was on an “aggressive acquisition trail”.
It was looking to grow turnover from £85m to at least £150m over the next three years.
Skills the WGC team offer, present opportunity for growth within the industry and the support from the management team is in place to ensure they release that growth potential.”
Jia MacKenzie, director, GEG Capital.
The company is run separately from Global Energy Group, which is also controlled by Mr MacGregor – best known to Scottish football fans as the chairman of Ross County.
Announcing the acquisition of WGC, GEG Capital director Jia MacKenzie said the deal “gives us further breadth to our expertise as we continue to grow the portfolio”.
She added: “The skills the WGC team offer, present opportunity for growth within the industry and the support from the management team is in place to ensure they release that growth potential.”
Social housing growth target
GEG Capital said it would support WGC’s management team to target growth in the social housing, industrial and commercial construction sectors.
WGC aims to expand its role as a preferred partner in the provision of affordable homes, creating local jobs and supporting the local economy.
Projects of the firm include the 46-home Highland Housing Alliance-Cairn Housing development in Avoch and a 21-home Highland Council scheme in Slackbuie, Inverness.
Ms Donnelly brings more than 30 years’ experience in the sector to her new role and has driven growth in social housing construction at WGC after previously setting up its O’Brien Homes division.
She said joining the GEG Capital group of companies was “a great opportunity” for Highlands-focused WGC, adding: “We have a young, ambitious management team who I’m sure will prosper with the additional support, expertise and training opportunities that will come with our acquisition.”
‘Excellent relationships’
WGC’s new MD continued: “On a personal note I’m delighted to succeed Dougal… at this exciting stage in the company’s growth and wish him well in his retirement.
“I look forward to building on the excellent relationships we have built up with our loyal local client base – particularly in the social housing sector – and to delivering many more key developments for our communities, as well as the varied commercial and industrial projects we are renowned for.”
Conversation