Buston & Maughan secures growth funding

A County Durham-based social housing services firm is set to accelerate its growth with new investment.

Buston & Maughan Ltd (B&M), headquartered in Crook, has received a minority private equity investment from Foresight Group, supported by FRP Corporate Finance. 

The firm specialises in heating installations, kitchen and bathroom refurbishments, servicing and void works for social housing providers across the North East.

Founded in 2005 by Mick Buston and Mick Maughan, B&M has grown to employ over 90 staff, delivering thousands of projects each year and servicing more than 11,500 properties in its latest financial year.

Bosses say the investment will provide B&M with capital to drive organic growth and pursue strategic acquisitions in a sector expected to benefit from increased Government spending. 

They add that in addition to funding, Foresight will take an active role in governance, including introducing a chairperson and strengthening the leadership team.

Mick Buston said: “Over two decades we’ve built our business on integrity, compliance and a focus on the client. 

“This deal gives us the platform to scale further, reach new territories and deliver even more impact for our customers and communities.

“Abu, Mo, James and the team at FRP Corporate Finance guided us through every step – from helping us understand the real value of our company to introducing the right investor and managing the process to completion. 

“Their advice was invaluable in securing an outcome that gives us both stability and exciting growth potential.”

FRP Corporate Finance’s Newcastle team, led by partner Abu Ali and supported by associate director Mo Miah and executive James Cockburn, worked closely with B&M to explore funding options that would support ongoing growth. 

They identified Foresight as the ideal investor, structuring a minority buyout that allows the founders to realise value while retaining majority ownership.

Abu added: “This is a strong deal for a local business that has enjoyed impressive growth in recent years, in an industry that will be integral in delivering the Government’s planned investment in social housing and regeneration.

“By structuring a deal that delivered liquidity for the founders while keeping them in control, we’ve been able to set the business up for this next phase of expansion alongside an experienced investment partner in Foresight.

“We look forward to seeing what both businesses achieve together.”

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