One of the North of England’s leading mechanical and electrical solutions providers has been acquired in a management buyout deal.
Birstall based Yorkshire Building Services, which was founded in 1992, has a solid reputation in the mechanical and electrical industry, predominantly working in the commercial and industrial sectors.
The company’s 65-strong team works for clients throughout the UK providing a full range of mechanical heating, ventilation, air conditioning systems, electrical installations, building management and maintenance services.
The buyout was led by David Broadhurst and Mark Peat, who are now both majority shareholders in the business, along with Tim Anderson and Darren Hill, who have also increased their share. David joined the firm when it was established in 1992 and Mark, Tim and Darren have all worked there for more than 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 firm in 2007, will continue to work in the business for the foreseeable future.
The buyers were advised by Cathy Cook, from the Leeds office of Yorkshire based solicitors LCF Law, and Dale Coleman from accountants Ford Campbell Freedman provided accountancy, financial and strategic advice. Adrian Ballam from Ward Hadaway advised the sellers.
David Broadhurst says: “Over the last 30 years Yorkshire Building Services has established a superb reputation for the breadth of projects we work on and the practical approach to the design and innovative engineering solutions that we offer. Our extensive client base now includes the likes of M&S, Waitrose & Partners, Morrisons, Royal Mail and a recent introduction into public sector work.
“Both Andrew and Paul have been key to this and have always strived to lead a well-run business that offers an industry leading standard of service. The buyout comes at a time when the business is thriving, and we are working on a vast range of exciting and innovative projects throughout the UK including DWP Job Centres, HSBC data centres, MOJ COVID reduction works and local authority leisure centres.”
Cathy Cook, who is a partner within LCF Law’s corporate department, comments: “After completing a management buyout themselves, Andrew and Paul knew the importance of succession planning, and in recent years had already taken steps to pave the way for the new shareholders.
“This thorough preparation made it a seamless transaction to work on because everyone involved was unified and already had a clear understanding of the eventual outcome. This resulted in a very smooth transition for Yorkshire Building Services’ clients and team, and the MBO is a fantastic example of how other business owners and management teams can plan effectively and successfully for the future.”
Dale Coleman, partner at Ford Campbell Freedman, adds: “We have a longstanding relationship with Yorkshire Building Services providing them with strategic and planning guidance at appropriate times together with accountancy, audit and corporate tax advice for more than 20 years.
“After working with Andrew and Paul on their buyout in 2007 and supporting the company through a period of growth since then, it’s been a pleasure to advise the team on passing the business to the next generation of shareholders and completing their entry to exit plan. We’re now looking forward to continuing our work with David, Mark, Tim and Darren as they take the business forward.”