Family laminate business bought by management
ONE of the UK’s leading fabricators and distributors of decorative laminates and wallboard systems has been acquired in a management buy-out
Established in 1964, Swanseabased HS Bassett & Son Ltd (HSBSL) was one of the first-ever distributors of Formica in the UK. The MBO was led by Philip Evans, who joined the family-owned business in 2000, becoming operations director in 2006.
A loan from the Development Bank of Wales has now enabled him to complete a management buy-out with his son Scott Evans, a qualified engineer and CAD user working alongside him.
With 21 staff and turnover in the region of £2m, the company specialises in the fabrication of madeto-measure toilet cubicles, vanity units, bars and counters. Clients include Coastal Housing Group, City and County of Swansea Council, Atlantic College, office furniture providers, healthcare trusts and other customers throughout the UK.
Over the years, the product range has been expanded to offer wall-panelling systems and accessories as well as a trade counter. Supplying distributors throughout the UK, brands include Axiom, Aquamura, Duropal, Formica and Polyrey.
The business has been sold for an undisclosed sum by Sonia Craske.
Mr Evans said: “Our reputation for quality workmanship and service dates back over 50 years. We’ve grown and diversified significantly over the years but our traditional values are still very much at the heart of all we do.
“That’s what makes me so proud to now be leading the next phase of our journey. We are very fortunate to have a highly skilled and dedicated team who share our commitment to excellence. With the support of the Development Bank, we are well-placed to build on our heritage and deliver future growth for the benefit of all.”
Alun Thomas regional manager for the Development Bank of Wales, said: “As a family-owned business, HSBSL has continuously invested to be leaders in their field. Their customer base is testament to their hard work and quality workmanship.
“Encouraging and facilitating management buy-outs is key to nurturing entrepreneurial talent and safeguarding jobs in Wales. That’s why we are so pleased to support Phil and wish both him and Scott every success as they take over the leadership of HSBSL as a market leader.”
Sheraz Akram of DJM Solicitors and Nick Bassett of Harris Bassett Accountants advised Philip Evans. Michael Williams of JCP Solicitors advised the vendor.
Mr Bassett said: “We were delighted to be able to assist Phil in the buy-out process and reach a successful conclusion for all parties.
“The strength of the business comes from the team of employees and the quality of the products they produce. Under Phil’s management, this winning formula will undoubtedly continue and we wish him and Scott every success for the future.”
Ms Akram commented: “The business has solid foundations and a proven track record. The business plan put in place by Phil and his team for the business will ensure continued investment and growth opportunities”.
Mr Williams said: “It was a pleasure to advise the vendor on the sale and we wish the purchaser the very best success with the business going forward.”
Funding for the deal came from the Wales Business Fund, partfunded by the European Regional Development Fund through the Welsh Government.