Fri, 15 Dec 2023 | MBO/MBI
Elm Building Services, a mechanical and electrical (M&E) services provider based in West Yorkshire has completed a management buyout (MBO). The Morley-based firm’s MBO was supported by £1 million in funding from Finance Yorkshire’s Growth Fund.
The company services the retail, commercial, industrial and leisure industries, with clients including Premier Inns owner Whitbread and David Lloyd Clubs. It was founded in 2002 by electrical engineer Neil Munday and has seen year-on-year growth, with turnover in the current year expected to exceed £8 million to £10 million.
Over the next three to five years, the company, which employs 23 staff, is projecting turnover of between £15 million and £17 million and is undertaking several large-scale M&E projects across the UK and in Europe.
The MBO sees the business taken over by John Newton and Ian Walker, with founder Neil Munday stepping back, but remaining with the business to provide support for the new owners and to enhance the company’s current client base.
Following their takeover, Newton and Walker will seek to expand the business further, particularly in the field of low carbon solutions and solar power.
Founder Neil Munday commented: "We have grown a successful business which is in good hands with John and Ian at the helm with my ongoing support.”
"Finance Yorkshire can see we are moving the business into a new chapter with the opportunity to become a £15m to £17m business over the next three to five years. Its investment will support us to bring in new customers and grow further."
Finance Yorkshire chief executive Alex McWhirter said: "Neil and his team have established Elm Building Services as a highly reputable provider of mechanical and electrical services. Our investment supports the opportunity to further grow the business as demand increases for the installation of green and sustainable energy technologies.”
"The MBO at Elm is the type of investment Finance Yorkshire is keen to support to ensure the retention of companies and jobs in the Yorkshire and Humber region."
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