Growth pipeline for plumbing franchisee thanks to £1.2m funding package
A Dyno-Rod franchise owner has completed a management buyout to expand across the UK with support from HSBC UK.
The franchisee has utilised a £1.2m funding package to partly fund the £2.2m purchase of two sites in Castleford, West Yorkshire and Trimdon, County Durham.
The Dyno-Rod franchises, now owned by Dean Hodgson, currently employ over 70 people across the two sites.
As a result of acquisition, the business is expected to increase jobs across the sites and generate over £5m in revenue within the next two years.
The HSBC UK supported buyout will allow the franchisee to maximise future growth plans, which include the integration of more apprenticeship training throughout the workforce.
Hodgson said: “I’m incredibly proud to take on these franchises and look forward to developing them further over the coming months.
“The funding from HSBC UK will enable us to strengthen our workforce and allow us to offer expert training for new employees entering the industry. We thank HSBC UK for its continued support throughout this management buyout process.”
Robert Danson, relationship manager at HSBC UK, added: “It’s fantastic to support a Dyno-Rod franchisee and to support ambitious plans to continue to grow a skilled team across the region.
“We look forward to seeing the positive impact this buyout has on the local economy and to households across the region having greater access to a valuable service.”
Dyno-Rod, owned by British Gas, is made up of over 45 franchisee businesses and over 900 engineers. The company offers 24-hour emergency plumbing response across the UK.