Entrepreneurs want to buy and build in air con sector

ENTREPRENEUR Nick Owen is hungry for more deals in the sector after taking a majority stake in a Lancashire  company which services air conditioning systems.

Mr Owen, from Caldy, Wirral and Jim Shannon, a second investor, have bought in to Preston-based Cool & Heat – a small company with around 20 staff and annual sales of around £2m.

The pair have retained Marcus Walsh – one of the founders of Cool & Heat – who remains as managing director and a minority shareholder.

Mr Owen said: “It’s a good small business and making a profit, and we see an opportunity to buy and build in the sector and create a nationwide player and so are alive to opportunities in other regions.

“After the death of his co-director Marcus had been struggling for a while to run the business on his own and was looking to sell. He knows the market as a engineer so we were pleased he’s stayed on.

“With our help and experience in sales and marketing we see an opportunity to build the business by acquiring other companies.”

Mr Owen, and Manchester-based Jim Shannon were advised on the deal by Manchester law firm turner parkinson.

Corporate partner Stephen Hadlow said: “It’s pleasing to see that in the current economic climate, individual investors such as Nick and Jim have the foresight to react quickly and commercially in order to make deals happen.”

North West accountancy firm CLB Coopers also advised on the deal.