Fund backs management buyout of Pearce Buckle
Published: 10th September 2002
akeover team: From left, Kevin Hurst and Richard Cherrill, of Pearce Buckle, with Mark Hunter, Investment Manager acting on behalf of the Fund, and Paul Bestall of Pearce Buckle.
Pearce Buckle (www.pearcebuckle.com), the building services engineering consultant, has been acquired by management in a deal supported by South Yorkshire Investment Fund.
Paul Bestall, Kevin Hirst and Richard Cherrill who have considerable experience within the construction industry have bought the Sheffield-based business from the founder with plans to expand it further and consolidate on its recent successes.
Mr Bestall said: "Pearce Buckle operate in a wide range of sectors designing mechanical and electrical services for a variety of clients including; HM Prison Service, Rampton Hospital, Broadmoor Hospital, The University of Sheffield, Care Principles and HSBC Bank.
"The construction industry is currently enjoying something of a boom and we are looking to expand on that back of that in a controlled manner consolidating on our success to date.
"We have continually delivered a proven quality of service to a loyal client base and we appreciate South Yorkshire Investment Fund's financial support and their recognition of the quality of the management and staff at Pearce Buckle."
The company, which employs 30 staff, currently boasts a healthy order book and has long-term contracts with very significant clients. It specialises in providing professional building services engineering to a range of sectors, with particular strengths in healthcare, high security healthcare, custodial services, education, and commercial.
The director's investment is supported by South Yorkshire Investment Fund and further finance is being provided by HSBC. The Fund was advised by the law firm Keeble Hawson.
Mark Hunter, the Investment Manager who led the deal, said: "This is a major deal for SYIF and means that a quality employer remains in the region. The team at Pearce Buckle are true professionals and leaders in their field and we are committed to supporting them through their future growth."
Tony Goulbourn, Chief Executive of SYIF Ltd, said: "The Fund has really come of age in the past couple of months and we have made several significant investments in the region. This latest transaction with Pearce Buckle is very important for us and we are delighted, once again to support an employer in South Yorkshire as it develops its business."
The Fund provides development and risk capital ranging from £15,000 to £500,000 to businesses in, or prepared to relocate to, South Yorkshire. A unique feature of the Fund is its Mentorbank project, which provides subsidised mentoring support to help management teams grow their businesses more profitably.
"South Yorkshire Investment Fund exists to provide commercial backing through critical stages of growing a business," said Mr Goulbourn.
"From start-up through to major expansion, the Fund will consider providing financial backing. If a business is looking to grow by investing in new technology or equipment, entering new markets or relocating into South Yorkshire it should call South Yorkshire Investment Fund first."
For further information on Pearce Buckle please contact Kevin Hirst on 0114 290 0980 or view their website at www.pearcebuckle.com
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About South Yorkshire Investment Fund
South Yorkshire Investment Fund provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.
Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.
For further details please contact Suzanne Tinkler, on 0845 649 0000.
South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).