Property restoration business changes hands on 70th anniversary
A PROPERTY restoration contractor first set up in 1946 has been sold to its management team.
Heightvale trades from premises in Bolton and provides a nationwide service focused on property and contents restoration following flood and fire damage.
Glenn Sutton, who prior to the management buyout was managing director and 100% shareholder , has handed over the business to an experienced management team from within Heightvale fronted by finance director Tim Newberry and Glenn’s son, Jim Sutton.
The transaction was funded through existing facilities provided by RBSIF who have serviced the company for the past 12 years.
Glenn Sutton will continue to work in the business on a day-to-day basis and assumes the role of chairman following the sale.
He said: “Having joined Heightvale in 1985 and following more than 12 years at the helm, the time is right to be passing the company on to the next generation.
“We have worked incredibly hard to build a quality business here at Heightvale and I have every confidence that Tim, Jim and the rest of the team will realise further success in the future.”
Richard Higham, director of Corporate Finance at UHY Hacker Young Manchester, advised on the transaction.
HIgham said: “Heightvale is such a longstanding and well-established business in the North West that I’m extremely pleased to see it transition to the next generation. Glenn Sutton has been extremely successful in building a business based on traditional values blended with a modern approach.”
James Narraway at RBSIF represented the bank in providing funding for the transaction. Daniel Gianferrari of O’Neill Patient Solicitors provided legal advice to Glenn Sutton and Mark Heppell of JMW Solicitors advised the management team.
