Utility contractor OCU Services is being sued in the High Court for £20m plus interest over its purchase of specialist Northern Ireland overhead power lines contractors Nettworx and Power Grid Plant.

Four former shareholders – DH Corporate Holdings, Shazleah, Lavery Consultancy and Lismore Corporate Holdings – claim that OCU has failed to pay deferred consideration due under a share purchase agreement signed in March 2024.

The deal saw OCU acquire the two businesses, which specialised in the planning, construction and maintenance of overhead power lines with operational depots in Northern Ireland, Northeast Scotland and Southern England.

An initial £10.7m was paid, but the remainder of the consideration was left to be calculated based on earnings.

According to the High Court claim after months of negotiations and draft accounts, both sides signed a Letter Agreement in November 2024 fixing the deferred payment at £20m, due by 3 January 2025.

The claimants say OCU has failed to make that payment.

The claim also seeks over £700,000 in accrued interest.

OCU would not comment on the ongoing legal action.