Supported by HSBC, the 10-strong management team at property consultant AA Projects has completed a buyout of the business.
The buyout sees founder and majority shareholder Paul Allen, alongside directors Niall Wright and Kevin McEvoy, pass on their shareholding to a team led by managing director Kenneth Wood and finance director Neil Grindrod.
Headquartered at Jackson House in Sale, the company generates revenue of around £10m and employs around 100 staff over seven UK offices. As well as its Sale headquarters, it also has a North West office at Prescot Business Park, and opened a new office in Oxford last month.
Projects it has worked on in recent months include Novo Property Group’s £2.3m Weavers Cottages development in Altrincham.
Allen will continue in his role as company chairman following the buyout.
Wood said: “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.”
HSBC part-funded the deal and was supported by Addleshaw Goddard. Hurst’s undertook due diligence for the management team and HSBC, while BBS Law provided legal guidance to the management team. The deal was also supported by chartered accountants Kay Johnson Gee.
HSBC relationship director Samantha Hanley added: “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”.