Member Article

MBO at Bishop Auckland plumbing compny

Two directors of Bishop Auckland-based K Hewitt & Co Limited, Ray Dobson and Dave Wade, have acquired the business for a significant but undisclosed sum.

in the deal advised by the corporate finance team at North Yorkshire-based JWP Creers, led by Tony Farmer, a partner, with legal advice from corporate partner at commercial lawyers, Rollits, Hull, Nasim Sharf.

The directors acquired the company, which has a multi-million pound turnover, from managing director, Craig Hewitt, who bought the company from his father who founded the business.

K Hewitt and Co Ltd, which has been trading for about 30 years, has grown from six to 80 staff. The company provides subcontractor plumbing and heating engineering for new and occupied homes for local authorities, housing associations and private house builders as well as electrical installations and renewables.

Tony Farmer, whose team advised Craig Hewitt, says: “We are particularly pleased to have assisted with this management buy out which ensures the continuity of this former family business as a true North East company.

“The new management now has an excellent opportunity to build on the excellent foundations they have inherited, particularly in view of the latest Government commitments to accelerate house building.”

JWP Creers, based at York Science Park and Park Street, Selby, is among York and North Yorkshire’s largest firms of accountants, taxation professionals and business advisers with seven partners and more than 80 staff.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →