A vendor initiated management buy-out has been completed at an historic manufacturer and installer of swimming pools as the company plans for the future.
Buckingham Swimming Pools owner managers Paul Mason and Dennis Ledbrooke initiated the deal to see Director Paul Walton-Collett take over as new ultimate majority shareholder and Managing Director of the group.
Leamington law firm Wright Hassall LLP and accountancy, tax and corporate finance firm Dafferns LLP assisted the sellers in handing the business over to the next generation.
Mason and Ledbrooke carried out a management buy-out to take control of the Kenilworth company back in 2008, which Wright Hassall and Dafferns also supported.
Buckingham Swimming Pools was one of the first UK manufacturers of fibre glass pools, with products made at its factory in Kenilworth transported around the UK and Europe, with particular growth throughout the 70s and 80s that helped set up its continued success to this day.
Mason and Ledbrooke said: “This is an incredibly exciting period for Buckingham Swimming Pools and we are proud to continue the heritage of this unique business by finalising this management buy-out.
“Succession planning is key to the long term success of any business and we have been active in ensuring that this is a top priority at Buckingham Swimming Pools.”
The company started out as J F Buckingham Limited at the turn of the century, initially manufacturing light car engines, later widening its work into general press work and the development of optical instruments to name a few.
It began manufacturing pools in the 1950s.
Walton-Collett added: “I am incredibly excited to be leading this great company into its next chapter.
“Paul and Dennis’ leadership has been exceptional and we are delighted to have got a deal together that works for everyone.”
More than 40 staff and engineers are based at the company’s office and showroom at Dalehouse Lane.
Wright Hassall Corporate Senior Associate Nathan Lapsley, who advised the sellers on legal matters around the buy-out, said: “Buckingham Swimming Pools are a long-standing client of ours and to see a new team commit to the future of the company through a management buy-out proves just how strong the business has become over the years.
“We were pleased to work with everyone involved on getting this deal done and wish the new owners continued success.”
Martin Gibbs, Managing Partner at Dafferns, commented: “Having worked with Buckingham Swimming Pools for a long time we have gone full circle with this deal.
“Advising Paul and Dennis on their buy-out in 2008 and their sale in 2019 has been a real pleasure; this is a perfect example of successful succession planning.”
Band Hatton Button and LDP Luckmans provided legal and accountancy advice to the buyer respectively.