Mon, 23 Dec 2024 | MBO/MBI
Wales-based heating and electrical services company Westward Energy Services has undergone a management buy-out.
Andrew and Joanne Robinson have retired after 25 years at the helm of the Swansea-based business which manages high specification service and maintenance heating contracts for a wide range of commercial and domestic customers.
Three directors - Jonathan Garland, Stuart Thomas and Dai Atkins - have acquired the business in a management buy-out, part-funded by a £775,000 loan from the Development Bank of Wales. The directors have 90 years of experience of the sector between them.
Providing domestic, commercial and industrial heating systems, Westward Energy Services employs a team of 100 and has a portfolio of clients including private homes, local authorities and housing associations. The company also installs and maintains gas, oil, solid fuel and solar PV systems, along with batteries and electric charging points.
SME Finance Partners supported the management buy-out and Capital Law advised on legal matters.
Atkins said: "Westward has gone from strength to strength over the last 25 years, delivering high level services to our clients along the South Wales corridor and beyond. We are proud to take the business forward and provide continuity for our clients, suppliers and hard-working team.”
He praised the work of the Development Bank and SME Finance Partners.
"Their help means that we are now in the driving seat and are excited to have the opportunity to build our portfolio of commercial and domestic services while continuing to create jobs and support our local community,” Atkins said.
Senior investment executive Scott Hughes and regional manager Clare Sullivan of the Development Bank worked
on the funding.
Sullivan said: "We can structure finance packages for management buyouts with flexible loans that work for all parties. As a well-established business, Westward is a good example of how we can help fund business succession with the capital needed to allow vendors to realise the reward of their efforts and give the management team the opportunity to capitalise on their knowledge of the business.”
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