Recovery Team Scaling up at RMT Accountants
March 11, 2019
A long-standing North East construction firm that is marking its 50th anniversary this year is moving into a new era with a change of ownership. Phil Burridge has completed a buy-out of his two brothers’ holdings to take full control of PF Burridge & Sons, which was incorporated in 1967 by their father, Peter.
The general building contractor has expertise in the social housing, education, small business, public sector, and residential and commercial property markets.
It has been run by David, Mark and Phil Burridge for the last 35 years, and currently employs more than 125.
But now, with his brothers looking to retire, Phil Burridge has completed a buy-out of their holdings to take full control of the firm.
An experienced social-housing new-build professional Steve McCoy, has also been brought on board as part of plans to expand the firm’s work in this sector.
RMT Accountants and Business Advisors, Hay & Kilner Law Firm and Ward Hadaway provided advice and support to the brothers around the transaction, while Lloyds Bank provided funding for the acquisition.
Headquartered in Newcastle and with a subsidiary office in Wakefield in West Yorkshire, P F Burridge & Sons has worked on refurbishing and upgrading a wide range of well-known projects across the North East, including Newcastle University’s Armstrong Building, Newcastle Hospitals, Northumbria Water’s Scientific Laboratories, Nexus House, and the Sir Charles Parsons swimming pool in Walker.
Alongside its general contracting work, it also offers planned and responsive property maintenance expertise from Berwick to North Yorkshire, including joinery, plumbing, heating, electrical and decorating services and a specialist in-house architectural joinery facility.
Contracts range from minor maintenance through to schemes valued at up to £5m, and it has a fleet of 85 vehicles to service its workload.
The company is one of the fastest-growing businesses in the North East, having been named in the Journal/Ward Hadaway Fastest 50 for 2017.
Phil Burridge says: “It’s rare for any business in our industry to operate for half a century, and our enduring commercial success is testament to an excellent team that is wholly committed to delivering the highest possible standards of service.
“Many of our staff have been with us for a long time, and their efforts have been central to making the business everything that it has become.
“We’re looking to continue to build our project portfolio across a range of markets, and adding Steve to the team will help us capitalise on particular opportunities for growth that we see in the social housing sector.
“We’ve worked closely with RMT over many months to structure the MBO, and, with the right management structures now in place, the business is well set to move forward with confidence into its sixth decade.”
Michael Cantwell, head of corporate finance at RMT Accountants and Business Advisors, adds: “Carefully considered succession planning is crucial to the long-term success of any business, and most especially for family-run firms.
“We’re very pleased to have structured the MBO and helped Phil put the foundations in place on which Burridge’s future performance and growth will now be built.”
Tom Pollard, corporate partner at Ward Hadaway in Newcastle, led the team providing legal advice to Phil Burridge’s buy-out team. He says: “We were delighted to be able to assist Phil and the team to complete a successful MBO which keeps the company within the family and puts it on firm foundations for the future.
“We have recently advised on a wide range of MBOs and it is always a pleasure to be able to assist management teams to achieve their ambitions.”
John Turnbull, relationship director at Lloyds Bank, said: “P F Burridge & Sons has gone from strength-to-strength in its 50-year history, defying some challenging market conditions experienced in both the North East and wider construction sector.
“Helping fast-growing firms like this, which have ambitious plans to expand into new markets, is part of Lloyds’ mission to help Britain prosper. We wish Phil and his team the best for the firm’s future.”
Mark Adams, corporate partner at Hay & Kilner Law Firm, adds: “We were delighted to support David and Mark throughout the buy-out. We wish them both a happy retirement and wish Phil every success with his future plans for the business.”