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 continues as non-executive chairman.
A consortium of management and staff, led by longstanding executive directors Ray Stafford (MD) and Rachel Moore (FD), put together the successful bid, and say they will ensurie that the business retains ample resources to maintain its aggressive trading style and expansion plans.
Mick Williams says: “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 adds: “Rachel and I are overwhelmed by the incredible buy-in from the management team and staff. 62 per cent of the staff have invested nearly £500,000 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. The company also operates the ecommerce website www.tradeonlyplumbing.co.uk