Hughes leads buy-in at surveying firm

THE founder of Wilmslow-based promotion space agency Brand Space Group, Steve Hughes, has led a management buy-in at Heywood-based RVA Surveyors for an undisclosed sum.

Mr Hughes, who has also previously built and sold mobile content provider M4 Group to iTouch, has bought the business using a special purpose vehicle known as The Cost Reduction Agency. The deal has been funded by Manchester-based invoice discounter Positive Cashflow Finance.

Mr Hughes said: “RVA is a great company that provides exactly what businesses need – a hassle-free way of reducing costs. By expanding the services that RVA provides, I aim to turn the company into the leading player in the market, providing a variety of cost reduction services and solutions.”

RVA operates a “no win, no fee” consultancy on business rates and employs a team of around 30 surveyors but is looking to expand to grow its geographical reach.

David Smith, managing director at Positive, said: “It might be a cliché, but cash really is king. Working capital facilities play a vital role in ensuring the financial health of a business, and those that we have agreed with RVA are no different. We wish Steve all the best in his new venture and look forward to working closely with him to support the business in achieving its potential.”

Mr Hughes was a director of Brandspace until July last year. Recently-filed accounts for the year to March 31 showed that Brandspace’s total billings grew by 24% to £23.2m and group turnover by 25% to £6.5m. However, lower margins and investment in expanding the business meant it declared a pre-tax loss of £2.3m – up from a loss of £1.3m in the prior year.

He was advised on the deal by accountants Crowe Clark Whitehill.