Four senior managers at a Scottish architecture and space planning company have bought the business for an undisclosed sum.
Four senior managers at a Scottish architecture and space planning company have bought the business for an undisclosed sum.
Space Solutions has been acquired by a team led by managing director Steve Judge, who was joined in the deal by Ken Cope, Mark Wilson and Derek Binnie.
The company was sold by the Chess Group of Companies, which has retained a 25% interest in the business.
Judge said the time was right for the management team to strike out on their own. “The buoyant northeast economy has provided us with a springboard from which to develop a UK-wide business.
“We recently opened offices in Dundee, Edinburgh and Glasgow,” he added. “The rapid growth of these offices and the huge nationwide potential gives us confidence in the future opportunities. We have benefited hugely from being part of the Chess Group and will maintain a close relationship with them going forward.”
Chess’ chairman and managing director, James Barrack, added that after owning the business for the past 10 years, the time is right to exit and allow management to take the business forward.
“It has always been my expectation that Steve and his team would step up to acquire the business,” he added. “The Chess Group will continue to start up and invest in businesses and strengthen its portfolio of companies within the group.”
The deal was financed by the management team with banking support from The Royal Bank of Scotland (RBS).
RBS’ director of commercial banking, Stuart Heslop, said: “Space has an excellent reputation locally and the facilities we have put in place will allow them to continue their geographic expansion and provide the northeast with yet another success story.”
The buy-out team was advised throughout the transaction by Ritson Smith Corporate Finance and law firm Stronachs.
Ritson Smith’s team was led by partner Graham Alexander, who said Judge has talked in the past about the possibility of a buy-out and when the opportunity arose the firm was engaged as lead adviser.
“Space has grown significantly since its formation as part of the Chess Group, however, the opportunity now exists for the management team to take the business on to a new level and capitalise on the opportunities that are available in its core Aberdeen marketplace and via the rapidly developing operations throughout the UK,” he added. “The extremely strong management team are well placed to deliver this continued growth and expansion and we look forward to working with them to achieve this.”
Chess was represented by Anderson Anderson & Brown and Brodies LLP, with the Brodies team being led by associate Liz Bruce.
Space, which was formed in 1997, has 100 staff across its network of offices providing architecture and design services to the commercial market. Its services include re-organisation, refurbishment, workplace design and relocation.
