April 2009
THREE directors have bought the specialist property consultancy where they have worked for a combined total of almost 90 years.
Fred Cosgrove, Tim Weightman and Alan Dunn paid an undisclosed sum to Ray Hall for Hall & Partners, the business he set up 30 years ago. Mr Hall has now left the company to pursue other interests.
The new team is looking to grow the business from its Newcastle headquarters and Leeds office and open other centres across the North when the opportunity arises.
The company, which boosted profits from £2m to £2.4m in the year to the end of March, employs 29 people between its two offices. It provides consultancy services on project management, quantity surveying, regeneration and construction schemes.
Mr Weightman said: “We want to grow steadily in the region and then look at opportunities to look at other office bases in the North. We certainly want to grow, but we can’t commit when that would happen.”
The expansion of Newcastle Airport, including the new traffic control tower, and the Radisson SAS Hotel in Durham are among the company’s high profile schemes. It concentrates mainly on public sector work and has a degree of insulation from the economic downturn, although Mr Weightman admitted: “It is still difficult times.”
Hall & Partners’ current projects also include work on Monkseaton Community High School and on swimming pool projects in Killingworth and Hexham. On the regeneration front, it is working on projects in Cruddas Park in Newcastle and at Stoke-on-Trent, Staffordshire, and other towns in the Potteries. Mr Cosgrove said: “Hall & Partners’ three new owners have been with the firm for some 85 years in total which will ensure a smooth succession and transition, giving us a solid foundation for our future growth plans.
“These plans include expansion in areas where we are already active, finding new markets for our services and also increasing our range of services. We also hope to grow our business in the Leeds area.”
Law firm Muckle LLP was one of the advisers on the deal. Muckle commercial partner Matt Collen said: “This is a good deal for Hall & Partners securing the future of an already successful firm which has a solid client base and a huge potential going forward.
"This is one of many deals we have done recently, demonstrating that there is still plenty of activity across all sectors."
RMT provided accountancy advice on the MBO. Corporate finance director Martin Stephenson said it showed important deals were still taking place, despite the difficulties in the wider economy.
"We secured funding from Alliance & Leicester and worked alongside Muckle LLP and Crutes to get the deal completed,” he said. “In the current economic climate, it’s great news to see local businesses bucking the trend and securing successful, high profile deals for the region."