Sale of Commercial Window Cleaning Company
A profitable commercial window cleaning business, established for 10 years and based in the Midlands.
The annual turnover had reached £800,000 following steady year on year growth.
Clients ranged from corporate facilities management companies, property and asset management firms, to organisations from both the public and private sectors.
In 2013, following a major streamlining of the business, the two vendors had dropped back to leave the day to day running of the business to the long-serving Office Manager.
By 2016, the vendors felt that they had taken the company to a strong enough platform from which to sell. They believed that the significant growth potential of the business would be better realised by a larger company with the resources to expand across a wider geographic footprint.
Both vendors wished to semi-retire in order to spend more time with their family and to pursue other interests.
What Hornblower Did
In addition to targeting our large database of potential buyers in appropriate sectors, we carried out extensive market research and made direct approaches to the UK’s larger window-cleaning companies.
After just 4 months, we had generated over 40 enquiries from interested parties. We qualified each of these enquiries to produce a shortlist of 6 suitable potential buyers. For each one, we arranged meetings with the vendors, and together, agreed which would be the most natural fit.
Mark Sykes, our International Mergers & Acquisitions Director, worked throughout the sale process with the client. He assessed buyers’ suitability and funding arrangements and negotiated final offers on our client’s behalf.
In addition, Mark prepared the Heads of Terms agreement and managed the due diligence and transaction process through to its successful completion.
A sale of 100% of the shares was agreed. One vendor decided to remain with the business, the other plans to leave, following a full handover.
SOLD – June 2017