Partner Article

Hargreaves subsidiary lands major deal

A SUBSIDIARY of North East industrial giant Hargreaves Services has signed a deal with a coal producer which could last for up to five years.

COAL4ENERGY - the Esh Winning-headquartered group’s coal supplying subsidiary – has signed a contract with Welsh firm Energybuild Group.

The deal with Energybuild, which produces deep and surface mined coal, will allow Coal4Energy to buy Energybuild’s products and coincides with the voluntary liquidation of Evans & Reid Coal Company.

Energybuild’s managing director, Rhidian Davies, said: “Through Coal4Energy we will have far reaching access for the supply and distribution of coal products, not only throughout the UK, but also into Europe through Hargreaves’ European distribution network.

“Whilst we are disappointed for the employees and shareholders of Evans & Reid, we are very pleased to have reached agreement with Hargreaves Services and we look forward to working with them going forward.”

Hargreaves saw its profits soar 20.6% to £14.7m in the six months to November 2009 while revenues plunged 28.6% to £211.6m in the same period.

The firm supplies products and services to the energy, mineral and waste sectors.

This was posted in Bdaily's Members' News section by Ruth Mitchell .