Swimming pool firm bosses take the plunge
BOSSES at an £8m turnover swimming pool engineering company have taken the plunge with a management buyout deal.
Bredbury-based FT Leisure, employs 52 people and is looking to boost its sales in domestic and international markets after being acquired by two of its founding directors, Simon Whittingham and Martin Elvin.
Financial terms of the deal were not disclosed, but the company said a number of its original shareholders had now exited.
FT Leisure is a provider of products and technical services for the commercial, municipal and private swimming pool industries. Founded in 2003, it has worked on some of the UK’s most prestigious swimming pool projects including the Tollcross International Swimming Centre in Glasgow, which hosted the 2014 Commonwealth Games, the Manchester City Football Academy which boasts nine swimming pools and the Manchester Aquatics Centre.
Current projects include a portfolio of hotel and private residence developments in London, incorporating luxury spa and wellness facilities.
Mr Whittingham said around 90%of its projects are in the public sector and campaigns to promote health and fitness and the legacy of the London Olympics and Commonwealth Games has significantly boosted the firm’s growth over the last few years.
He said: “The government has invested heavily in promoting health and wellbeing and there has been a huge push by local councils across the UK to improve sports and leisure facilities.
“There are around 8,000 public swimming pools in the UK and, following the management buyout, the company is now in an excellent position to further capitalise on this trend and cement its market leading position in the UK and also to tap into growing opportunities in the international market.”
Manchester law firm Pannone Corporate and accountants and business advisors Beever and Struthers advised FT Leisure on the deal.
Partner Mark Winthorpe led the corporate team which included Steven Grant, Katie Ward and Richard Cowan while the team at Beever and Struthers was led by managing partner Phil Roberts and included partners John Jones and Paul Shaw and executive Lee Rogers.
Pannone Corporate chairman Steven Grant said: “The company has firmly established itself as the leading provider of products and technical services in the swimming pool industry and the deal provides Simon and Martin with an ideal platform from which to achieve their ambitious growth plans.”
Phil Roberts, managing partner at Manchester-based Beever and Struthers, added: “FT Leisure is a local and national success story with ambitious plans to compete on an international level.”
