A North East fire safety business has undergone a management buyout with the help of legal advisers, Endeavour Partnership, and chartered accountants, Clive Owen and Co LLP, paving the way for further growth and development.
Established 1992, Richmond Fire Engineers is one of the UK’s leading experts in delivering fire safety systems such as sprinklers, hydrants and special risk systems to clients in various sectors including industrial, commercial, educational, domestic and residential.
The company, which now has offices in Richmond, Manchester and Newcastle, provides cost-effective solutions for projects of all sizes and complexities, ensuring compliance with all relevant fire safety standards.
Stockton law firm, Endeavour Partnership, guided the management team at Richmond Fire Engineers through the purchase, advising on all legal areas of the transaction from start to finish. Clive Owen and Co provided corporate finance advice and support throughout the deal.
Director of the company, Chris Ryde, said: “Richmond Fire Engineers is a thriving business with an enviable market reputation and strong potential for future growth. We believe in the company and saw this as a compelling opportunity not to be missed.”
Fellow director, Lee Smith, added: “We’re looking forward to our next steps in the business, continuing to build on the values and culture that have seen the company thrive to where it is today.
“The team at Endeavour have guided us through the whole purchasing process, providing nothing but helpful advice. Transactions like this can be complex, but Endeavour’s team ensured our transition to business owners was as seamless as possible”.
Nik Tunley and James Butler, from Endeavour’s corporate team, advised the management team. James said: “It’s been a real pleasure to support an already well-established business reach yet another milestone in its development.
“As always, it’s fantastic to see managers have the opportunity to buy the business they have dedicated years to and have helped to develop and grow. Chris and Lee know the business inside out, and with them at the helm the business no doubt has bright and successful times ahead”
Clive Owen LLP’s corporate finance team provided strategic financial and taxation advice and were instrumental in securing the appropriate funding from HSBC to support the transaction.
Angus Allan, corporate finance partner at Clive Owen LLP said: “Richmond Fire Engineers is a great business and it has been a pleasure to support them in this process. They are now extremely well placed to build on the strong foundations they have created to develop their business further. We look forward to supporting Chris and Lee, as valued clients of the firm, on their business journey going forwards and wish them every success for the future”.
At the end of 2017, Endeavour Partnership announced its most successful year in the firm’s 18-year history. The Stockton-based business law firm is a year ahead of its anticipated growth plans with turnover at almost £3.5 million. Endeavour remains on track to deliver its five-year business planning objective of doubling its turnover during this period.
The Teesdale firm currently employs a team of 54 and hopes to create around six new jobs in 2018.
Endeavour Partnership has a reputation spanning over 18 years in providing high quality advice on a range of business law matters including mergers and acquisitions, intellectual property, employment and pensions, business immigration, commercial property and corporate recovery and insolvency from its headquarters at Teesdale in Stockton.
The firm was again recognised as one of the North East’s top corporate and commercial practices in the prestigious Legal 500 and Chambers guides with every department highly ranked.
Endeavour works with a range of clients including Santander, ESCO Corporation, Visualsoft, Atkinson Northern, Leven Investments, Yarm School and Cavendish Northern.