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SPI gets tentacles on Octopus

The SPI Group has bought Octopus Electrical, the Wales & Midlands- based electrical services firm.
The purchase of Octopus makes SPI one of the largest electrical services businesses in the UK.

Octopus' existing three branches increases the number of SPI branches from 7 to 10.

The SPI group, owned by Lyceum Capital and the directors of the business, has 40 years experience in building services. Its product areas include electrical, heating and plumbing installation, repair and maintenance.

SPI said its position as suppliers of building services to the social housing, new build and commercial markets would be strengthend by the deal.

The group's purchase means it will benefit from Octopus' large customer portfolio in the UK social housing sector.

Steve Huxley, SPI's chief executive, said: 'We have been talking with the directors of Octopus over the past few months and were impressed by the quality and longevity of the relationships they had established with their customers'.

Two of Octopus' executive directors John Morris and David Lovegrove are to stick with SPI, according to the firm's announcement on November 27.

John Morris said 'Having grown Octopus Electrical over the past 25 years, we are delighted to be joining forces with SPI, where we believe we can take the business forward in the long term'.
29 November 2007

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