Management buyout at Stockport construction services business
A property and construction services consultancy headquartered in Cheadle Hulme, Stockport is to be acquired by its management team.
In what is described as a “phased management buyout” at Wilkinson Cowan Partnership, Mark Jensen, Ben Dawson and Stuart Torkington have completed the acquisition of the shares of previous owners Steve Ross, Derek Humphries and Mark Davies who have retired.
Financial terms of the transactions are undisclosed of a deal advised on by Stockport accountancy firm Hurst.
Wilkinson Cowan Partnership, which also has an office at Liverpool Innovation Park was founded in 1980 by Malcolm Wilkinson and John Cowan as a quantity surveying practice, and has expanded over the years to provide a range of building consultancy services.
The business employs employs 20 staff and a network of regular consultants, acts for clients such as housing associations, private clients, architects, local authorities and dioceses, mainly in the north of England.
Mark Jensen said the company is expanding into new sectors such as higher education, and would consider bolt-on acquisitions which add to its firepower.
He said: “The exit strategy for Steve, Derek and Mark Davies and our succession planning have been choreographed over several years, and now the final piece of the jigsaw is in place we are looking forward to building on the legacy of our predecessors.
“The practice has a proud record of exceeding client expectations, which was established from the onset with Malcolm and John, and then carried forward with Steve, Derek and Mark.
“Building on their success is a challenge relished by the current board. We are continuing in the mould of the previous practice owners as hands-on directors.
“Our team has a wealth of experience and knowledge which is appreciated by our clients, for whom we provide a bespoke service. This leads to regular repeat work across a range of sectors and geographical areas, including the north west, Yorkshire, the north east and beyond.
He said Wilkinson Cowan Partnership is well-placed to benefit from the anticipated housebuilding boom.
“We expect a strong pipeline of new projects once Labour presses the button on its housing policy. We’re in a good position to be at the forefront of this, as a significant proportion of our work is for housing associations,” he said.
Liz Gallagher
Hurst partner Liz Gallagher, who is head of the firm’s tax team, was the lead adviser on the transactions, assisted by senior tax manager Sarah Haley and Ben Bradley, of HURST Corporate Finance.
Andy Curwen and Gemma Lingard, of Gorvins Solicitors, provided legal advice on the transactions.
