£8m turnover construction company snapped up by consortium

INVESTORS have snapped up a Leeds-based construction group.

The Moorhead Group, based on Lower Wortley Road, has been acquired in a deal involving current managing director Colin Fritton along with Croxden Capital Partners.

The Derbyshire-based investment vehicle’s Jonathan Prutton, a serial non-executive director and Philip Horsnall, chairman of Bowmer Bond, a fabrics manufacturer, have bought the business for an undisclosed amount.

The group comprises of two operating businesses, Moorhead Excavations and Moorhead Demolition. It turns over £8m and employs 50 people.

The excavations business was established in 1986 as a family-owned company, whilst the demolition division was founded in 2002 to work alongside the original business for on site preparation works.

The current owners, Ken and Wendy Moorhead, are exiting the business to retire.

Jonathan Prutton and Philip Horsnall will become non-executive directors of the company and will retain the current managing director Colin Fitton, who will continue in his role at the helm of the business.

New owner Jonathan Prutton said: “Moorhead Group has been trading very strongly and we are very optimistic about its future growth. The rise of the Northern Powerhouse and resurgence in the construction sector makes this a very exciting time to be working in the region and this industry sector. Colin has worked for the firm for over 30 years and we are pleased that he will continue in his role as MD of the group. This means it is very much business as usual for Moorhead’s customers and suppliers. Philip and I are delighted to have acquired the business and look forward to growing it through further acquisitions and organic growth to the benefit of our customers and the whole Moorhead team”

Mark Billington and Matthew Fannon from Allied Irish Bank worked together to provide funding to support the deal.