Cold store firm heats up growth plan with takeover

A cold store maker has expanded with a takeover.

The P&M Group has bought HBCL Coldstores.

Bosses say the move for the Bradford-based operator represents “a significant strengthening” of Gloucester-headquartered P&M Group’s footprint across the North of England.

Under the terms of the deal – completed through a self-funded package – HBCL will retain its brand and 27 staff.

Co-owner Craig Lovett, who ran the business with wife Caroline, will continue as managing director.

Tony Wall, P&M Group managing director, said: “HBCL has been in business for almost 25 years, and many of our staff are already familiar with the company and the Lovett family.

“Craig and I have known each other for many years, and it is this long-standing relationship that has led him and Caroline to join forces with us and add their business to our growing group of companies.”

Craig added: “We are delighted to announce the acquisition by the market leader in our industry.

“The sale came after thoughtful consideration of how best to ensure HBCL’s future success, and we felt P&M Group was a great fit for us.”

P&M Group – whose portfolio includes PLG Insulations and cold and chill store design, manufacture and installation firm ISD Solutions – was supported on the deal by law firm Brabners and accountancy firm Azets.

Katherine Broadhurst, Azets corporate finance partner, said: “This is another step in The P&M Group’s strategy, and will provide HBCL with a strong platform for future growth.”

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