Plumbing and heating merchant, Williams & Co, has been acquired by the company’s management team and staff for an undisclosed sum.

Founder Mick Williams will retain a minority share in the company, and will continue in the role as non-executive chairman after the buyout, which was finalised on 23 April.

A consortium of management and staff, led by longstanding executive directors Ray Stafford (managing director) and Rachel Moore (finance director), put the successful bid together, supported by NatWest and Royal Bank of Scotland who have structured a flexible finance facility secured on receivables and inventory.

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.

Mr Williams, who is enthusiastic about the future, said: “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.”

Mr Stafford added: “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 pounds 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’s turnover was £43.3m in 2014. The company reported a pre-tax profit of £2.59m.