Investor club snaps up consultancy firm
A BARNSLEY consultancy firm has been acquired by an investors club.
Hickton Consultants provide Clerks of Works to the construction sector. They provide quality assurance on high value projects on behalf of architects, developers and contractors.
Hickton has been acquired by Chelverton Investor Club for an undisclosed sum.
The company was founded 25 years ago by Tony Hickton. It now has 13 staff at its Elsecar headquarters, with 85 Clerks of Work across the UK.
The Club allows private investors to make direct investments in private UK companies. It is part of Bath-based Chelverton Asset Management.
The Investor Club, a syndicate of high net worth investors teamed up with Chelverton Equity Partners, raised £1m of equity towards the transaction.
They invested alongside Hickton Consultants’ managing director, Tony Mobbs, with supporting debt finance from Yorkshire Bank Invoice Finance.
Tony Mobbs said: “Our strong reputation precedes us and we continue to go from strength to strength with a robust management team at Elescar and a strong order book. Business is buoyant as we seek to recruit more Clerks of Works, especially in the London region.”
hlw Keeble Hawson represented the founder and shareholders of Hickton.
hlw Keeble Hawson partner Chris Wilson who led the deal, said: “It has been a pleasure acting for Tony Hickton and his co-shareholders in the sale of this business. The transaction demonstrated that the combination of a well-run niche business and co-operation between the parties and their professional advisers can enable a transaction to proceed smoothly and complete on time”.
Chelverton investment director, Richard Bucknell, who led the transaction on behalf of Members of Chelverton Investor Club, and who will join the Board of Hickton, commented:
“Tony Hickton planned for his succession with the appointment of Tony Mobbs four years ago. Since then, the business has continued to develop, and we’re delighted to support Tony Mobbs in acquiring a stake in the company and to help take the business forward at what is an exciting time for the firm.
“As a market-leader in an established but growing niche, Hickton is a classic example of the type of business and investment opportunity that our Investor Club Members are keen to support.”
Hickton Consultants was also advised by Strategic Corporate Finance and Chelverton Asset Management was represented by Roxburgh Milkins, RSM Corporate Finance and Claritas Tax.
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