SOUTHAMPTON corporate financiers Fanshawe Lofts has acquired Atlantic Utility Services Limited and Aquasmart Limited on behalf of the management of The Scion Group, finalising the deal in just one week.

Atlantic provides meter installation and other connected services for water utility companies and has a sound reputation for quality and service in the industry with a turnover in excess of £17 million. The company employs more than 200 people from offices in Cardiff, Bristol and Oldham and has nine depots nationwide.

The opportunity for the acquisition was masterminded by Rosemary Penn-Newman of Fanshawe Lofts who put together and finalised the £2.5 million deal in just seven days. Corporate finance lawyer Julia Austen from Lamport Bassitt provided the legal advice.

David Bean, the former operations director, now heads the Atlantic team supported by the experience and expertise of Newbury-based Scion Group.

Tony Southon, managing director of the Scion Group, says: "Atlantic has the same commitment to customer service as we have. This was clear from the attitudes of staff and customers who were very supportive of our approach at a very difficult time in Atlantic's history.

"I am convinced the company in time will become a core part of The Scion Group, adding as it does another dimension to our activities. This acquisition will take the Scion Group to a turnover approaching £50m.

Rosemary Penn-Newman said: "We recognised the Atlantic deal as a great opportunity to move into the water utility market, and we will be working with the management to bed the acquisition down."