Wed, 01 Aug 2018 | MBO/MBI
Swansea based HJ Bassett, one of the first UK companies to import Formica has completed a management buyout deal.
Established in 1964, HJ Bassett is a leading distributor and fabricator of decorative laminates and wallboard systems.
Philip Evans, who joined the family owned business in 2000 and became Operations Director in 2006, led the deal and was assisted with a loan from the Development Bank of Wales and by his son, Scott Evans, a qualified engineer and CAD user, working alongside him.
Philip Evans said: "We’ve grown and diversified significantly over the years but our traditional values are still very much at the heart of all we do.
"That’s what makes me so proud to now be leading the next phase of our journey. We are very fortunate to have a highly skilled and dedicated team who share our commitment to excellence. With the support of the development bank, we are well placed to build on our heritage and deliver future growth for the benefit of all."
Specialising in the fabrication of custom made toilet cubicles, vanity units, bars and counters; HJ Bassett has 21 staff and a turnover of around £2m.
Regional manager for the Development Bank of Wales, Alun Thomas added: "As a family owned business, HSBSL has continuously invested to be leaders in their field. Their customer base is testament to their hard work and quality workmanship.
"Encouraging and facilitating management buy-outs is key to nurturing entrepreneurial talent and safeguarding jobs in Wales. That’s why we are so pleased to support Phil and wish both him and Scott every success as they take over the leadership of HSBSL as a market leader."
Clients of HJ Bassett include Coastal Housing Group, City and County of Swansea Council, Atlantic College, office furniture providers and healthcare trusts.
For more news about management buyouts (MBO), click here. For all our commercial property listings, click here.
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