MINERVA EQUITY LIMITED
Owned by CVC Capital Partners, the business acts as an intermediate holding entity for M Group, which provides design, installation, and maintenance services to the UK and Irish essential infrastructure markets.
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Cash
£110M
+5.1% vs 2024
Net assets
-£399M
-21.6% vs 2024
Employees
11,047
-2.1% vs 2024
Profit before tax
-£88M
-9.2% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
2-year trend · vs Industrials median
Accounts
2-year trend · Δ = latest vs prior filed period · latest reflected 2025-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | Δ vs prior |
|---|---|---|---|---|
| Turnover | £2,196,000,000 | £2,504,700,000 | +14.1% | |
| Operating profit | £12,700,000 | £4,200,000 | -66.9% | |
| Profit before tax | -£80,300,000 | -£87,700,000 | -9.2% | |
| Net profit | -£81,300,000 | -£78,900,000 | +3% | |
| Cash | £104,800,000 | £110,100,000 | +5.1% | |
| Total assets less current liabilities | £552,800,000 | £502,600,000 | -9.1% | |
| Net assets | -£328,100,000 | -£399,000,000 | -21.6% | |
| Equity | -£328,100,000 | -£399,000,000 | -21.6% | |
| Average employees | 11,281 | 11,047 | -2.1% | |
| Wages | £559,200,000 | £593,200,000 | +6.1% | |
| Directors' remuneration | £2,000,000 | £4,900,000 | +145% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Operating margin | 0.6% | 0.2% | |
| Net margin | -3.7% | -3.2% | |
| Return on capital employed | 2.3% | 0.8% | |
| Gearing (liabilities / total assets) | 130.4% | 135.6% | |
| Interest cover | 0.13x | 0.04x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- MINERVA EQUITY LIMITED 2018-05-16 → present
- DMWSL 881 LIMITED 2018-03-27 → 2018-05-16
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- Deloitte LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The Directors have undertaken the going concern assessment for the Group for a minimum of 12 months from the date of signing these financial statements.”
Group structure
- MINERVA EQUITY LIMITED · parent
- Minerva Holdco Limited 100%
- Minerva Debtco Limited 100%
- M Group Services Limited 100%
- Agility Eco Services Limited 100%
- Bierce Surveying Limited 100%
- Morrison Water Services Limited 100%
- BGEN Limited 100%
- Alto Energy Limited 15%
Significant events
- “On 23 September 2024, M Group Limited (formerly Midas Midco Limited), via its 100% owned subsidiary Midas Bidco I Limited, acquired 100% of the ordinary share capital of Minerva Equity Ltd, from Blueprint Investments Sarl (Luxembourg).”
- “The Group has access if needed to an undrawn revolving credit facility of £110.8m (2024: £74.3m) available until 2030.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
5 active · 16 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BADEL, Alexandra Nelia | Secretary | 2023-11-20 | — | — |
| MORRILL, Ben Nicholas | Secretary | 2023-11-20 | — | — |
| BADEL, Alexandra Nelia | Director | 2025-03-04 | May 1985 | British |
| FINDLAY, Andrew Robert | Director | 2021-08-01 | Oct 1969 | British |
| KEEN, Christian | Director | 2023-01-01 | Mar 1964 | British |
Show 16 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| COOPER, William James | Secretary | 2019-12-23 | 2022-09-15 |
| CUSDEN, Ian Vincent | Secretary | 2018-10-01 | 2019-12-23 |
| EVANS, Ilaria | Secretary | 2022-09-15 | 2023-11-20 |
| DM COMPANY SERVICES (LONDON) LIMITED | Corporate Secretary | 2018-03-27 | 2018-05-16 |
| AFORS, Christopher Marc | Director | 2018-05-16 | 2020-06-30 |
| ARNOLD, James Michael | Director | 2023-06-01 | 2023-06-01 |
| ARNOLD, James Michael | Director | 2023-01-01 | 2024-09-23 |
| ARNOLD, James Michael | Director | 2018-07-30 | 2023-01-01 |
| BARRON, Paul Thomas | Director | 2018-03-27 | 2018-05-16 |
| BEESLEY, Martin Geoffrey | Director | 2018-07-30 | 2021-10-22 |
| ELLUL, Eric Julien Maurice Romain Victor | Director | 2020-02-20 | 2025-03-04 |
| FOULETIER, Fabrice | Director | 2018-07-30 | 2020-11-09 |
| FRASER, Ian Ellis | Director | 2018-11-21 | 2024-09-23 |
| HARRINGTON, Maximilian, Mr. | Director | 2018-06-12 | 2024-09-23 |
| MCILROY, Neil Anthony | Director | 2020-11-09 | 2024-09-23 |
| O'SULLIVAN, Colm Paul | Director | 2018-07-30 | 2024-09-23 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Midas Bidco I Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2024-09-23 | Active |
| Dm Company Services (London) Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2018-03-27 | Ceased 2018-05-16 |
Filing timeline
Last 20 of 86 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-04-07 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-12-09 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-04 | AA | accounts | Accounts with accounts type group | |
| 2025-03-26 | CH01 | officers | Change person director company with change date | |
| 2025-03-21 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-03-13 | TM01 | officers | Termination director company with name termination date | |
| 2025-03-13 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-22 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-01-22 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2025-01-22 | PSC09 | persons-with-significant-control | Withdrawal of a person with significant control statement | |
| 2024-10-23 | AA | accounts | Accounts with accounts type group | |
| 2024-10-02 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-02 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-02 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-02 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-02 | TM01 | officers | Termination director company with name termination date | |
| 2024-06-04 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-05-28 | SH01 | capital | Capital allotment shares | |
| 2024-03-20 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2023-11-20 | TM02 | officers | Termination secretary company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 3
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.