A PROPERTY agency with offices in Huddersfield has been bought by two of its senior directors.
Chartered surveyors Eddisons, which has a branch at New North Road, has been acquired by managing director Nigel McDonald and director Richard Roe.
They have paid an undisclosed sum to buy the shares held by their fellow directors at the firm. Those directors remain with the business.
The new owners have also completed the takeover of a property management business – a move which is set to boost turnover from £7m to £11m and underlines the directors’ intentions to expand the business.
Mr McDonald, 51, has worked with Eddisons throughout his career while Mr Roe, 41, joined the company five years ago from accountancy firm PricewaterhouseCoopers.
The new owners said the buy-out would ensure that Eddisons, which also has offices in Leeds, Bradford and Manchester, maintained its position as one of the region’s leading independent chartered surveyors while providing a platform for continued expansion.
Said Mr McDonald: “The buy-out is a significant step in the ongoing development of Eddisons and will help us to deliver our ambitious future growth strategy.”
The firm employs 125 staff across its four offices, who will be unaffected by the buy-out.
“As a business, we pride ourselves on the quality and loyalty of all our staff,” said Mr McDonald. “Both Richard and I are keen that the buy-out provides the opportunity for individual career development.”
Meanwhile, Mr McDonald and Mr Roe have paid an undisclosed sum for the business and assets of the property management and facilities management teams of Erinaceous Commercial Property Services Ltd and Erinaceous Commercial Services Ltd.
The newly-acquired businesses, which employ 200 people, will adopt the Eddisons name and continue to operate from their premises in London, Bristol, Birmingham, Manchester and Glasgow.
Mr McDonald said: “This acquisition gives Eddisons a significant presence in a number of major cities and makes us a truly national business.”
Funding for the Eddisons buy-out was provided by long-term banking partner Barclays Commercial Bank in Leeds, managed by relationship director Jane Cranston-Young. Corporate financial advice was provided by Leeds-based BDO Stoy Hayward, led by corporate finance assistant director James Barraclough.
Legal advice was supplied by Sharon Needle of The Needle Partnership, who advised the management team; Graham MacKenzie and Andrew Rayment, of Walker Morris, who advised the sellers; and Chris Ramage from Cobbetts, who advised Barclays.
Eddisons, founded in 1844, provides a range of services to owners and occupiers of industrial, commercial, office, retail and residential property. It also carries out sales and valuations of machinery and business assets.