A British industrial services company with staff at Sellafield is set to be taken over.

Cape has agreed a £333.3m takeover by Altrad UK, the British arm of French construction giant Altrad Investment Authority SAS.

This deal will be funded in cash from a debt facility provided to Altrad by BNP Paribas SA and led to Cape's shares rising in value by almost 50 per cent.

Altrad Would be good for both firms and would hap the companies have a bigger presence in areas like the Middle East and Asia as well as a bigger customer list and an expanded and diversified service offering.

Cape's chairman Tim Eggar said: "Under the leadership of its current management team, Cape has made significant strategic, operational and financial progress, and despite a more challenging year anticipated in 2018, the Cape board has confidence in Cape's future prospects.

"However, we believe that the offer from Altrad represents fair and reasonable value in cash today for Cape shareholders recognising Cape's prospects and growth potential. Furthermore, we believe that Cape's employees, customers and other stakeholders, including the industrial disease claim scheme, will benefit from the stability and significant opportunities provided by a combination with Altrad."

Altrad has its global headquarters in Montpellier. In 2015 its founder and chief executive, Mohed Altrad, was named EY World Entrepreneur Of The Year.

Cape has its headquarters in West Drayton, Middlese, and its Cumbrian operations are based on the Sellafield site.