Eddisons swoops for Erinaceous
EDDISONS, the chartered surveying firm which went through a management buyout earlier this week, has acquired the majority of collapsed property services group Erinaceous.
Eddisons, which has offices in Leeds, Bradford, Huddersfield and Manchester, has bought the business and assets of Erinaceous's property management, landlord and tenant and facilities management teams.
Croydon-based Erinaceous had called in KPMG as administrators earlier this week but the Eddisons deal will see around 200 jobs saved at the company.
The newly acquired teams will adopt the Eddisons name with immediate effect and will continue to operate from their existing premises in London, Bristol, Birmingham, Manchester and Glasgow.
Nigel McDonald, Eddisons managing director, said: “This acquisition gives Eddisons a significant presence in a number of major cities and makes us a truly national business. By successfully integrating the businesses and the skill sets of the staff we will also increase the portfolio of services available to our clients.”
Erinaceous had been struggling with debts of more than £250m but the company's four larger subsidiaries – residential management, property maintenance and two insurance divisions – are outside the insolvency process.
Earlier this week Eddisons was bought by managing director, Nigel McDonald and director, Richard Roe, who have acquired 100% of the company's share capital.
The new owners said the move will provide a platform for continued expansion and expect the acquisition of the divisions of Erinaceous to take annual turnover from £7m to £11m.
The firm currently employs more than 100 members of staff across its four offices, none of whom have been affected by the MBO.
Mr McDonald said: “At the time of the MBO we announced an ambitious growth strategy and a desire to increase our geographical footprint to include London. It is pleasing that we have been able to achieve parts of this ambition so quickly.”
Jon Bourlet and David Rowling will remain as part of the new business and will maintain and develop existing client relationships.
Eddisons was founded in 1844 and provides a range of services to owners and occupiers of industrial, commercial, office, retail and residential property across the UK along with sales and valuations of machinery and business assets
