Newcastle construction firm marks 50th year in business with family MBO

A Newcastle-headquartered construction firm has announced a change in ownership as it marks its 50th anniversary in business.

Employing more than 125 people, P F Burridge & Sons is a general building contractor that specialises in the social housing, education, small business, public sector, and residential and commercial property markets.

Incorporated in 1967 by founder Peter Burridge, the firm has been run by his three sons - David, Mark and Phil - for the last 35 years.

As David and Mark are looking to retire, however, Phil has completed a buy-out of his two brothers’ holdings to take full control of the firm.

Steve McCoy, a social housing new build professional, 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.

P F Burridge & Sons, which also has a subsidiary office in West Yorkshire, has worked on refurbishing and upgrading 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, the firm also offers planned and responsive property maintenance expertise, including joinery, plumbing, heating, electrical and decorating services and a specialist in-house architectural joinery facility.

Phil Burridge said: “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, added: “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.

John Turnbull, relationship director at Lloyds Bank, also commented: “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, concluded: “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.”

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