ZERO! Williams & Co sold in management buyout | Plumbing Jobs | The Job-board | Plumbers Forums

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ZERO! Williams & Co sold in management buyout

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  • Thread starter Ray Stafford
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Discuss ZERO! Williams & Co sold in management buyout in the Plumbing Jobs | The Job-board area at Plumbers Forums

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Ray Stafford

Well, I kept you waiting.

See below for the text of the press release which just about says it all.

Williams & Co in Management Buyout.

Trade-only plumbing and heating merchant, Williams & Co, has been acquired from the Williams family by its management team and staff for an undisclosed sum.

Founder Mick Williams retains a minority share, and will continue as non-executive chairman after the buyout, which was finalised on 23/04/2015.

A consortium of management and staff, led by longstanding executive directors Ray Stafford (MD) and Rachel Moore (FD), put the successful bid together, supported by Nat West and Royal Bank of Scotland who have structured a flexible finance facility secured on receivables and inventory. Professional advice has been provided by Taylor Cocks (accountants) and Quar & Co (solicitors). The consideration includes a mix of cash, equity and loan notes, ensuring that the business retains ample resources to maintain its aggressive trading style and expansion plans.

Outgoing boss, Mick Williams, is enthusiastic about the future. “After four decades at the helm, there was always going to be a moment when I took a less active role, and I am delighted that this solution permits the company to retain its unique character and values.”

Managing Director, Ray Stafford, commented: “Rachel and I are overwhelmed by the incredible buy in from the management team and staff. 62% of the staff have invested nearly half a £million of their own money to own a slice of their future and demonstrate their commitment to the business. It’s a huge expression of support and belief from everyone involved. Words can’t express how proud we are to lead such a fired-up team, or how fortunate we are to retain Mick’s matchless experience in the boardroom.”

Williams & Co turned over £43.3m in 2014 from 28 branches in South East England and reported a pre-tax profit of £2.59m. The company also operates the ecommerce website www.tradeonlyplumbing.co.uk and imports and distributes Heatline radiators across the UK – see www.heatlineradiators.com.
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I'm knackered.

My apologies to the mods if my posting gets less and less coherent as the day wears on.
 
Congratulations Lord Stafford!


Am I to assume there will be no free pens today?!
 
Congrats Ray, I think the banter and wind ups were nearly worth it :wink:
Does this have any impact on us customer wise?? I assume not and the wonderful service we receive will continue
 
Congratulations Ray and to the others too, I wish you all the best for the future.
 
Riley said:
Does this have any impact on us customer wise?? I assume not and the wonderful service we receive will continue
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I would hope it will improve the customer service. 2/3rds of the staff are also shareholders now. :)
 
Well done ray and the team.

I have to say its a massive anticlimax though as I wanted something for nothing [emoji6]
 
Williams MBO completion meeting.jpg Williams MBO Group.jpg Williams MBO Rachel signs.jpg
 
kay-jay said:
Well done ray and the team.

I have to say its a massive anticlimax though as I wanted something for nothing [emoji6]
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There's a deal. See facebook, or your email in box, or later tonight if I am sober enough, I will post it in the arms.
 
Congrats to yourself and the team Ray.

Really enjoyed all the banter flying around with the 3 - 2 - 1 threads.
 
rpm said:
Really enjoyed all the banter flying around with the 3 - 2 - 1 threads.
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At one point this morning I though it might be going to get postponed till tomorrow. I had visions of having to post "HALF..." :)
 
Ray Stafford said:
At one point this morning I though it might be going to get postponed till tomorrow. I had visions of having to post "HALF..." :)
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Think I would of not posted anything Ray leaving Adam & Riley pulling their hair out!
 
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