‘Exciting new chapter’ as Manchester’s AA Projects undergoes multi-million pound buyout

National property management consultancy AA Projects has undergone a management buyout.

A 10-strong team took over the Manchester-based company with funding support from HSBC.

AA Projects’ founder and majority shareholder, Paul Allen, and longstanding directors Niall Wright and Kevin McEvoy passed on their shareholding to a buyout team led by managing director Kenneth Wood and finance director Neil Grindrod.

Paul will remain with the firm as chairman of the board.

Established in 1999, AA Projects is headquartered in Greater Manchester and operates from six UK offices.

The company, generating revenues of £10m and employing more than 100 people, provides consultancy services for clients in sectors such as education, healthcare and residential.

HSBC part-funded the buyout with a multi-million pound package. The bank was supported by law firm Addleshaw Goddard.

Accountancy firm HURST provided due diligence for both the management team and HSBC. BBS Law provided legal guidance to the management team and chartered accountancy firm Kay Johnson Gee advised on corporate finance.

AA Projects’ Paul Allen said: “The success of AA Projects to date has been built very much around our shared values and highly skilled people who provide the expertise our clients’ need.

“The management team share this same vision leaving the company in very safe hands as it continues its journey.”

MD Kenneth Wood commented: “Paul has left a legacy here for us to build on, to enable us to continue to grow and thrive.

“It’s an exciting new chapter, where clients can continue to expect a personal service, dealing directly with the owners of the business, and bucking the industry trend of corporate takeovers.”

HSBC relationship director Samantha Hanley said of the deal: “AA Projects is a progressive and multi-faceted property consultancy business which has always strived for growth.

“We are proud to support this longstanding HSBC customer and its new management team, led by Kenneth and Neil, with its succession planning to equip the company for the future.”

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