Building maintenance firm will be family-run ‘indefinitely’ following management buyout
HFL Building Solutions Group, the Manchester-based independent building maintenance business, has undergone a management buyout, for an undisclosed sum.
The deal was led by founder and managing director, Dave Saxton, together with other family members.
Founded in 2005, HFL offers 24/7 maintenance on more than 450 sites, from the Scottish borders in the north to the M4 corridor in the south.
Dave Saxton, and his wife, Jane, are now sole owners of the business.
He said: “I started the business from nothing back in 2005, with financial investment support from my business partners and fellow shareholders.
“This is now another significant milestone in the company’s history and provides me with the ability to develop and grow the business even further.”
HFL now employs almost 150 staff.
In its last financial year, to December 31, 2022, which the business said was still heavily influenced by the recovery from the global pandemic, it turned over £15.051m, slightly down from the previous year’s £15.287m figure, while pre-tax profits of £119,436 were compared with £914,275. However, the business paid £214,000 in dividends, up from £120,000 the previous year.
Mr Saxton added: “My commitment and passion for HFL has not changed, and it is my intention to keep the company as a family-run business indefinitely for which everyone will play an integral part.
“My immediate family will become fellow directors and shareholders, and are as passionate about the future of HFL as I am.”
He will continue as group managing director supported by Mark Roberts (group finance director) with James Kissane (business development director), Garry Vaughan (operations director) and other family members as new shareholders and directors to the board.
Jenny Taylor, of HSBC UK, provided a funding package for the MBO transaction.
Accountants and business advisors, Beever and Struthers, provided corporate finance, debt advisory and tax advice to the MBO team, with corporate finance director Dean Curtis leading the transaction, supported by manager Patrick Wilson, corporate partner John Jones and tax partner Ann Bibby.
Legal advice was provided by Richard Riley, corporate and commercial partner at Slater Heelis and supported by Hannah Cullinane
Dean Curtis said: “We were so pleased to advise the management team on this significant transaction, and particularly for the business to retain its strong family ethos.”
