A management buyout (MBO) has been completed at a West Yorkshire-based mechanical and electrical service provider.
Based in Birstall, Yorkshire Building Services, which was founded in 1992, has a strong reputation in the mechanical and electrical industry, working primarily in the commercial and industrial sectors.
The company’s team of 65 support customers across the UK, providing mechanical heating, ventilation, air conditioning, electrical installations, building management and maintenance services.
The takeover was led by David Broadhurst and Mark Peat, who became majority shareholders in the company, along with Tim Anderson and Darren Hill, who also increased their stake.
Broadhurst joined Yorkshire Building Services when it was formed in 1992 and Peat, Anderson and Hill have all worked there for over ten years, with over 90 years of combined industry experience.
Former directors Andrew Sutcliffe and Paul Harrison, who themselves completed a management buyout in 2007, will continue with the company for the foreseeable future.
David Broadhurst said: “Over the past 30 years, Yorkshire Building Services has built an excellent reputation for the breadth of projects we work on and the hands-on approach to design and innovative engineering solutions we propose. Our vast client base now includes the likes of M&S, Waitrose & Partners, Morrisons, Royal Mail and recent introduction to public sector work.
“Andrew and Paul have both been key players and have always strived to run a well-run business that delivers a state-of-the-art level of service. The takeover comes at a time when the business is thriving and we are working on a wide range exciting and innovative projects across the UK including DWP Job Centres, HSBC Data Centres, Covid MOJ Mitigation Works and Local Authority Leisure Centres.”
The buyers were advised by Cathy Cook of the Leeds office of Yorkshire-based law firm LCF Law, and Dale Coleman of accountants Ford Campbell Freedman provided accounting, financial and strategic advice. Adrian Ballam of Ward Hadaway advised the sellers.
Cathy Cook, Corporate Partner at 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 careful preparation made it a seamless transaction to work on as everyone involved was unified and already had a clear understanding of the end result. This resulted in a very smooth transition for clients and the team at Yorkshire Building Services, and the MBO is a fantastic example of how other business owners and management teams can effectively and successfully plan for the future.”
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. We now look forward to continuing our work with David, Mark, Tim and Darren as they drive the business forward.”