Investment fund backs estate agent MBO

A WIRRAL estate agency business has undergone a management buy-out (MBO) with backing from MSIF.

Bakewell Horner based in Wallasey has been bought by Russ Smith, a minority shareholder, from former owner Peter Horner who will remain with the business on a consultancy basis.

The 80-year-old company provides estate agency and property lettings management services and is one of the only agencies in the area accredited by the Royal Institute of Chartered Surveyors (RICS).

Bakewell Horner employs 19 staff and turnover last year reached £600,000. It is on target to reach £700k this year.

Smith said:-  “I have had the ambition to run my own business  from very early on in my career and in fact that is what made me write to Peter Horner 10 years ago and ask him for a job.  I knew that Bakewell Horner had an unrivalled reputation and, as an independent business rather than a chain, I thought it offered the best opportunity for me to take over at some point.

“I have now realised that dream and I’m very much looking forward to the next chapter in Bakewell Horner’s history. There is a lot to live up to but I am confident that I can continue to build on the foundations that have made this business the biggest and most successful estate agent on the Wirral.

“MSIF have been fantastic to work with. They are professional, easy to work with and educated me throughout the process. Taking over a business is a huge step but they have given me the confidence and support I needed.”

MSIF investment director Paul Humphray said:  “Russ has had a clear strategy for many years about how to run his own business.  He has worked with Bakewell Horner for 10 years so he knows the business, its clients and its ethos inside out.

“He’s got some great ideas and this coupled with his drive and passion for the business, will I am sure, see him make a great success of it.”