Fri, 24 Mar 2023 | BUSINESS SALE
A small north-east commercial and domestic window cleaning specialist Perfectshine Ltd has made an acquisition of a financially distressed competitor, gaining a large increase in customers.
Perfectshine, which is based at Blackburn near Aberdeen, has agreed a deal for Elite Exterior Cleaning Ltd, based in Kingseat, near Newmachar.
The acquisition will add 900 clients to Perfectshine, providing 500 customers with window cleaning services and 400 on-demand customers with gutter cleaning, power washing and other specialist cleaning. The acquisition strengthens its portfolio of domestic properties bringing the total number of Perfectshine customers, regular and ad hoc, to 1700.
Elite Exterior Cleaning was established in 2017 by Kate Fullarton. The acquisition comes as Kate takes the opportunity of a change in career. According to the latest accounts filed by Elite Exterior Cleaning Ltd for the 12 month period to 31 May 2022, the company had a negative net asset value of £41,441, indicating a weak financial position. It had significant liabilities, both current and long-term, and lacked adequate assets to offset them. Additionally, the company had a negative profit and loss account, which suggests operational difficulties and an inability to generate profits.
Steve Kennedy, managing director at Perfectshine, announced optimistically: “We are delighted to acquire such a solid company and this acquisition will enable Perfectshine to continue to grow across the North-east.”
“We are honoured to be taking on Elite’s loyal customer base and continue to build on an already successful business. The transition for Elite clients will be seamless as both of our firms offer an exceptional level of service.”
Kate, director at Elite Exterior Cleaning said: “Perfectshine is a long-established company in Aberdeenshire and has a similar ethos to Elite. During initial discussions with Steve and his team, it became apparent that Elite was going to be a fantastic addition to Perfectshine. I have no doubt that our clients will have an excellent experience.”
Perfectshine was honoured to achieve a distinct royal accolade when it received two Royal Warrants – one from The late Queen Elizabeth II and the other from His Royal Highness The Prince Of Wales, Duke of Rothesay – to formally acknowledge the window cleaning services it supplies to two Royal Households. It was the only UK firm to receive two such seals of approval in the 2021 announcement.
Perfectshine primarily operates in the Aberdeen and Aberdeenshire areas, but also has contracts in the Highlands, Tayside and the Central Belt. The company provides window, gutter and cladding cleaning as well as power washing services to commercial and residential clients. Perfectshine has a team of 26 which is based at Alma House, Blackburn Business Park.
Also see:
How to profit from buying distressed businesses
White paper: How to buy distressed businesses and assets
Are you really ready to sell your business? - Key questions for owners considering a sale
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