Heating and Plumbing specialist T&S Heating has completed a management buyout with the help of a £200,000 invoice discounting line from Secure Trust Bank Commercial Finance.
The Nottingham-based company, which has a turnover of £6m, 50 full-time staff and 38 sub-contractors, primarily supplies heating and plumbing solutions to the private and commercial sector. Established in 1974, the business is a ‘Which? Trusted Trader’ and has recently extended its offering into a broad range of property services including building and fitting kitchens, bathrooms and loft conversions.
Fitting over 2,500 boilers and successfully completing contract work with seven councils, the business is aiming to increase its total supply to private clients to 50 per cent by 2018, and is on track to achieve turnover of £10m.
The management buyout will see company founder Malcolm Theakstone leave the business. Saeed Rafique, who has been the company’s finance director for five years, and Robert Bluff, who has been at T&S Heating for 24 years, will be taking over the company as part of the deal.
Regional sales director Matthew White at Secure Trust Bank Commercial Finance worked closely with the management team to structure the management buyout.
Saeed Rafique said: “The progress of the business has been extremely encouraging and this management buyout was the next logical step for the company. Secure Trust Bank offered us a simple, quick and effective solution to accessing finance and I was thoroughly impressed by their level of service. We are confident about tapping into new markets with the continued support of Secure Trust Bank.”
Regional sales director at Secure Trust Bank Commercial Finance, Matthew White, said: “This is an exciting time for T&S Heating as they look to move into new areas of property services. With the owner looking to retire, we were happy to provide Saeed and Robert the funding required to complete the transaction and take charge of this award-winning business.
“With a strong management team, T&S in on track to meeting its £10m turnover target and we’re looking forward to helping the business achieve its goals.”
Secure Trust Bank is an AIM-listed challenger bank and a subsidiary of Arbuthnot Banking Group. It launched its Commercial Finance arm in September last year and has teams in Manchester, Birmingham, Newcastle, Bristol, the South Coast and London.