McInerney managing director Barry O Connor says there has been a pick up across the board in Irish construction sector. However he warned that a slowdown in house starts and planning permissions outside Dublin will hit prices at the end of this year and into next.
His comments follow the announcement that construction group McInerney has acquired Lancashire developer Charlton Group for a total of just under €13m. Just under €9m is to be paid in cash and loan notes, while the remainder will be paid subject to certain targets being met by Charlton.
Charlton was founded in 1987, and its current activities include house building and apartment development, mainly in Liverpool, Manchester and Chester.
The company built 240 units in the year to the end of September 2001. It reported pre-tax profits of €2.5m in the period.
McInerney says today's acquisition gives it a stronger foothold in the UK house building market, which it describes as 'currently buoyant'.
'Following our foothold acquisition of WHL in 1999, Charlton is a logical, strategic development for us in the UK,' said managing director Barry O'Connor.
