Build UK director and co-chairman Kevin Louch has completed a management buyout of one of the UK’s leading concrete flooring specialists.
Mr Louch has agreed to buy West Bromwich-based Stanford Industrial Concrete Flooring for an undisclosed sum from the company’s founders, Cliff and Barbara Stanford, who have decided to retire.
The company recorded turnover of more than £30m in its most recent financial results and counts M&S, BMW and Amazon among its clients.
It posted a pre-tax profit of £3.7m for the year to 31 March 2016 on a turnover of £31.4m.
Pre-tax profit has more than doubled year on year, with the firm posting a profit of £1.4m in its 2015 results.
Mr Louch has been managing director for nine years, having joined in 1998.
Baldwins Accountants advised both parties on the deal, with Higgs & Sons solicitors acting for the Stanford Family, while The Wilkes Partnership solicitors acted for Mr Louch.
Baldwins corporate finance director Mark Selby said: “It’s quite rare that we are able to advise both parties on a business buyout, but their longstanding relationship and shared business values means we were able to do so, which also bodes well for the future of the business.”
Mr Louch currently acts as co-chairman of trade body Build UK alongside Wates Group chairman James Wates.
Other board members include Paul Abson of Bouygues UK and Mark Castle of Mace.