Catapult helps building firm construct growth with £1.7m injection

A COVENTRY building repair and maintenance company has secured a £1.7m financial support package from the Catapult Growth Fund.

The funding, the sixth by Catapult this year, will enable ACS Building & Maintenance Ltd to further an investment strategy in its staff and systems.

ACS was founded by Harvey Hunt in 2001, and has grown to be one of the largest regional contractors, specialising in servicing insurance company and loss adjuster clients by dealing with the aftermath of burst pipes, floods and fires.

Mr Hunt, managing director, said: “ACS has enjoyed consistent growth and we’re ambitious for the future. Catapult is committed to the long term support of the company and I’m looking forward to developing our partnership over the coming years.

“With the introduction of Philip Milburn, who built Highway Emergency Services, prior to its sale to Homeserve, as chairman, and Dave Preston (finance director), who was commercial director at Homeserve Property Repairs, the management team is now in place to support this next phase of the company’s development.”

The opportunity was introduced to Catapult by Mike Barcia of Meridian Corporate Finance, who has advised on a number of deals in the sector, and who will remain involved post transaction as a non executive director.

Richard Bucknell, fund principal of the CGF, said: “Support Services is a sector Catapult has been keen to develop further and ACS is a great example of how the out-source model can be used to develop a really high quality business.

“Alongside working capital facilities provided by Yorkshire Bank, our investment will serve to provide a solid financial base from which the company can continue to expand and the confidence to exploit the many growth opportunities it identifies.”
Financial due diligence to Catapult was provided by Malcolm Cook, of PKF in Birmingham, supported on the tax front by Chris Bond, of the same firm. Legal advice came from Richard Medd, of Browne Jacobson.

Mike Barcia, of Meridian Corporate Finance, Southampton, was lead advisor to the management, with Nick Gent, Trethowans (legal) and Cathy Revis, Fiander Tovell (tax).

David Doogan, of Martineau in Birmingham, advised Yorkshire Bank.

Catapult has also invested £750,000 in wind turbine maintenance company, Renewable Technical Services Ltd. The decision to invest in the Kettering firm follows a year which has seen 40% growth.