Moore Barlow recently worked with Limburn Boiler & Heating Services to transition ownership from managing director, Richard Daily, to the company’s exiting management team. Our vastly experienced corporate team ensured the transaction was completed in the smoothest and most tax-efficient way possible.
About this transaction
Our team assisted this transaction by incorporating a Newco – Limburn Group Holdings Limited – which then purchased the entire share capital of Limburn Boiler & Heating Holdings Limited (who owned the entire share capital in Limburn Boiler & Heating Services Limited). New directors were then appointed in Newco.
We also assisted with ensuring a shareholders’ agreement was in place. This agreement provides governance to the new management team and structures the deal in a manner that provides financial ease for the company, whilst at the same time, ensuring Richard’s position is secure.
Additionally, to ensure a smooth transition from start to finish, we completed the post-completion formalities, including Companies House filing. With the company under new management, Richard is able to start his succession planning and focusing on ensuring the continued future growth of the business.
Having led a management buyout myself back in 2011, I knew this would be a good opportunity to begin a succession plan and transition the ownership of the company to our existing management team. Celeste, Leon and Scott are already the driving force behind Limburn, they know our clients inside out and whilst I will remain in post as managing director, I have no doubt the business will continue to go from strength to strength under their ownership. I’m looking forward to supporting them on the next stage of growth.
Richard Daly, Limburn Boiler & Heating Services
Limburn is a quality, local business and it’s been a pleasure to support the entire team on a transaction that will position the company for growth and enable Richard to kickstart his succession plans.
Kirsty Bowyer, Senior Associate at Moore Barlow
How Moore Barlow can help you
If you require legal advice and services when going through the purchase or sale of a business, contact our expert team today.
About Limburn Boiler and Heating Services
Founded in 1979, Limburn Boiler and Heating Services has grown from a small, privately-owned family business that services large industrial boilers to a company that today supports a growing client base of corporate clients and government bodies, including Vector Aerospace, Bouygues, CBRE, the NHS, UK health and security agency and the Ministry of Defence.
The company, which is headquartered in Gosport, Hampshire, was owned by managing director Richard Daly. As part of the deal, Richard Daly has transitioned ownership of the business to the existing management team, which includes directors Celeste Stears, Leon Abery and Scott Crow, and with his support they will now drive forward the next stage of the business’ growth plans.
