A 10-strong management team at Manchester-based national property management consultancy, AA Projects, has successfully completed a management buyout of the business.
The management buyout (MBO) sees founder and majority shareholder Paul Allen, together with longstanding Directors Niall Wright and Kevin McEvoy, pass on their shareholding to a buyout team led by Kenneth Wood, Managing Director, and Neil Grindrod, Finance Director. Paul will continue in his role as Chairman of the Board.
Paul Allen said: “The success of AA Projects to date has been built very much around our shared values and highly skilled people who provide the expertise our clients’ need. The management team share this same vision leaving the company in very safe hands as it continues its journey.”
Established by Paul in 1999, the business is headquartered in Greater Manchester and has six offices across the UK, providing innovative, client focused consultancy solutions nationwide. AA Projects has a wide range of clients in core sectors including education, residential and healthcare.
The business generates revenues of £10 million and employs over 100 staff, with further growth planned in both revenues and people.
Kenneth Wood added: “Paul has left a legacy here for us to build on, to enable us to continue to grow and thrive. It’s an exciting new chapter, where clients can continue to expect a personal service, dealing directly with the owners of the business, and bucking the industry trend of corporate takeovers.”
The deal was partly funded by HSBC, who put together a multi-million pound package and were supported by law firm Addleshaw Goddard. Hurst’s accountants were involved in due diligence for the management team and Bank, with BBS Law providing legal guidance to the management team and Kay Johnson Gee, chartered accountants, adding their corporate finance expertise.
HSBC’s Relationship Director Samantha Hanley said: “AA Projects is a progressive and multi-faceted property consultancy business which has always strived for growth. We are proud to support this longstanding HSBC customer and its new management team, led by Kenneth and Neil, with its succession planning to equip the company for the future”.