MBO marks a new chapter for an established mechanical and electrical services company
A supplier of mechanical and electrical solutions was acquired as part of a management buy-out.
Yorkshire Building Services, based in Birstall and founded in 1992, works primarily in the commercial and industrial sectors.
The company’s team of 65 people work for clients across the UK and provide a full range of mechanical heating, ventilation, air conditioning, electrical installations, building management and maintenance services .
The takeover was led by David Broadhurst and Mark Peat, who are now both majority shareholders in the company, along with Tim Anderson and Darren Hill, who also increased their stake.
Broadhurst joined the company when it was founded in 1992. Peat, Anderson and Hill have all been with the company for over 10 years and offer over 90 years of combined industry experience.
Former directors, Andrew Sutcliffe and Paul Harrison, who themselves completed a management buyout of the company in 2007, will continue with the company for the foreseeable future.
The buyers were advised by Cathy Cook, from the Leeds office of Yorkshire-based solicitors LCF Law, and Dale Coleman of accountants Ford Campbell Freedman provided accounting, financial and strategic advice.
Adrian Ballam of Ward Hadaway advised the sellers.
Broadhurst said: “Our extensive customer base now includes M&S, Waitrose & Partners, Morrisons, Royal Mail and a recent public sector introduction.
“Andrew and Paul have been key in this area and have always strived to run a well run business that provides a top level of service.
“The takeover comes at a time when the business is thriving, and we are working on a huge range of exciting and innovative projects across the UK, including DWP Job Centres, HSBC Data Centres, Works of MOJ covid reduction and local authority leisure centres.
Cook, a partner in the corporate department of LCF Law, said: “Having completed a management buyout on their own, Andrew and Paul knew the importance of succession planning and, in recent years, had already taken measures to pave the way for new shareholders.
“This thorough preparation made it a seamless transaction to work on, as everyone involved was unified and already had a clear understanding of the end result.”
Dale Coleman, Partner at Ford Campbell Freedman, added: “We have a long-standing relationship with Yorkshire Building Services providing them with strategic and planning advice at the appropriate times, as well as advice on accounting, auditing and corporate taxation for more than 20 years.
“Having worked with Andrew and Paul on their takeover in 2007 and supported the business through a period of growth since then, it has been a pleasure to advise the team on passing the business on to the next generation of shareholders and on achieving their entry and exit plan.”