NEWHAVEN: Heating Plumbing Supplies has been acquired by Heating Plumbing Supplies Group in a £12.88m management buyout of the existing business.
Heating Plumbing Supplies is now a wholly-owned subsidiary of Heating Plumbing Supplies Group and is owned by the staff and management, with no outside shareholders.
The successful MBO follows the announcement of record sales and improved company profits for 2010. Sales were £39.6m in 2010 up from £33.3m in 2009.Profits were up over 50% from £1.2m in 2009 to £1.81m in 2010.
Managing director Ron Walker said: "We are delighted to announce such excellent results and to have completed a successful management buyout of the company, we are especially pleased that 50% of our staff have taken the opportunity to invest in the company which reflects the amazing support and dedication the company enjoys from all its staff.
“We look forward to continuing the successful development of the company following our MBO and will continue to expand our branch network in the coming years where we can find the right people and suitable opportunities. I would also like to thank all our previous shareholders for their magnificent support during the first 10 years of HPS,” said Mr Walker.
