Tue, 10 May 2011 | MBO/MBI
After announcing record sales, Heating Plumbing Supplies Limited has been bought in a management buy-out deal.
The business is now a wholly owned division of Heating Plumbing Supplies Group Limited, which is itself totally owned by its staff and management, with no outside shareholders.
When HPS was founded in October 2001, several outside shareholders helped to bring in the required cash. Those shareholders have now gained their return on investment.
Revenues for 2010 reached £39.6 million, a vast improvement from £33.3 million in 2009. While profits have risen by 50 per cent from £1.2 million in 2009 to £1.81 million in 2010.
Managing director Ron Walker said, "We look forward to continuing the successful development for the company following our MBO and will continue to expand our branch network in the coming years where we can find the right people and suitable opportunities."
HPS, which was featured in The Sunday Times 2005 Top 100 fastest growing UK companies list, has 26 outlets and 28 delivery vans. It sells boilers, radiators, plastics, plumbing and heating products and bathrooms.
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