Thu, 08 Apr 2021 | MBO/MBI
Scottish commercial decorating contractor Bell Group has completed a management buy-out (MBO) and will target acquisitions under its new leadership. The MBO was backed by a seven-figure loan from HSBC.
Following the MBO, Bell Group will embark on a five-year organic growth plan under which it will seek to diversify its services and improve its business operations, whilst also targeting acquisitions.
Bell Group was founded as Collins and Bell in 1984 and now claims to be the UK’s biggest commercial decorating contractor. The company is forecasting £150 million in turnover for 2021, building on average year-on-year revenue growth of 15 per cent.
In its results for the year ending March 31 2020, Bell Group reported turnover of close to £109 million, up from £101.8 million a year earlier. Profit for the year grew from £1.89 million in 2019 to £2.46 million.
The Airdrie-headquartered company has 31 UK locations, employing over 1,600 staff. Its customers range from housing associations and local councils to the Ministry of Defence and NHS Trusts. It also works on a large number of historic buildings and palaces as well as providing home decoration services.
Craig Bell, Chief Executive and major shareholder of Bell Group, commented: “We have seen a real step change in the work we’ve completed over the last six months and we’re very excited about the future.”
“The pandemic understandably slowed our growth over the last year, but our forecasts for this year are very strong. As new owners, we’re excited to continue to build on the legacy of our predecessors over the past 37 years.”
“HSBC UK have been a supportive partner for Bell Group for over 10 years and their continued backing means we can set out new plans for this year and beyond.”
HSBC UK Deputy Head of Corporate Banking Scotland Scott Wilson added: “Bell Group is a great Scottish business success story, having built up impressive growth over many years. The management buy-out marks an exciting and pivotal moment for the company, and we have been delighted to support this process and help set the Group up for the years to come.”
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