Mon, 22 Aug 2016 | MBO/MBI
Construction business Baqus Group has been purchased in a management buyout (MBO), and will be seeking to make acquisitions via a newly appointed team.
The buyout was led by chief executive Rob McNeil along with Jim O'Brien, Brian Williams, Ray Palmer, Paul Warburton, Aiden Lewis and Andy Welch; and was supported by Lloyd Bank Commercial Banking with £1.2m, providing 30 per cent of the funding, Insider Media reported.
With many of the original directors at their retirement stage the timing of the MBO was right, Mr McNeill said, and “this option was considered to be the best proposal for all existing shareholders, our clients and rising talent within the business."
"Going forward, it means we have a new, much younger executive team with equity in the business, which will look to consolidate initially and then grow via acquisitions,” he added.
Established in 2007 and headquartered in Liverpool, Baqus is the result of a merger between construction firms Fletcher McNeill, Boxall Sayer and Denley King. It has offices in locations across the UK including London, Birmingham, Manchester and Oxford.
It offers a range of construction-related services including quantity and building surveying, property consultancy and dispute resolution, across many sectors including government, education, heritage, transport and residential. Past projects include Walthamstow Bus Station; Legoland Hotel; St Paul's Church in Hammersmith, London; and the Ministry of Justice.
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