Pinnacle acquires Wates Facilities Management

17 December 2007

Pinnacle has today added school PFI delivery to its extensive service offering, by purchasing Wates Facilities Management Ltd (Wates FM).

Following the acquisition, Pinnacle’s Facilities Management division will now take overall responsibility for Wates FM's PFI contracts. Wates FM is currently the principal FM contractor for four 30-year plus PFI contracts in Clacton, Slough, Kirklees and Leeds, managing and maintaining 19 primary, secondary and special schools, providing a range of services including contract administration; helpdesk support; cleaning; caretaking; grounds maintenance; catering; security; reactive and planned maintenance; lifecycle maintenance; and management of third party income.

Neil Euesden, Pinnacle’s Chief Operating Officer for Estates, Education and Environments, said: “The addition of Wates FM signals an exciting new direction for Pinnacle. Not only will it enhance our existing FM offering, it also provides us with the platform to move into the wider schools Building Schools for the Future (BSF) programme."

Pinnacle and Wates Group will continue to work together on a number of projects. Steve Yazdabadi, Wates PFI Director, said of the sale “This sale gives Pinnacle a great opportunity for further future growth in FM. Wates Group will continue to focus on core construction activities in our various markets including education of which BSF will be an important part. We wish the staff and their new company every success for the future.”

Currently, Pinnacle’s Facilities Management division has a turnover of £25m per annum and delivers services to over 300,000 homes, 300 schools and 100 public buildings. Wates FM will bring an additional £6.5m turnover, as well as boosting employee numbers by around 250 through direct employees and subcontractors.

www.pinnacle-psg.com

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