Anderson Shaw business brokers is pleased to announce that it has advised John and Val Kenny, the owners of Bristlewand Ltd, on the sale of the Company to John O’Flynn Developments Ltd (“Flynn”). Flynn is a leading company in groundworks and civil engineering based in Swindon.
Bristlewand, based in Bristol, has a current annual turnover of close to £20million and offers infrastructure and groundwork services to a large number of leading UK housebuilders and developers throughout the South West. Incorporated in 1979, the company has an impressive 40 year track record of providing building and civil engineering solutions to its customers, and has capitalised on the high demand for the development of UK residential accommodation in the area.
John Kenny said, “My wife Val and I have overseen the growth of Bristlewand from a fledgling business, to one that is recognised by house builders here in the South West as a leading player in supporting their house-building developments. Bristlewand has built an expert, stable team that consistently provides efficient and reliable services, of which we are very proud. As we move into our retirement, we are pleased to pass on our strong traditions to the team at Flynn and wish them well in the continued development of Bristlewand within their organisation. We would like to pass on our thanks to all our staff and contractors who have helped us grow Bristlewand into the successful business it currently is.”
Most of the projects undertaken by Bristlewand are of significant size and can span over 3 years in duration. Often there will be follow-up additional work after the initial work has been completed, as different phases of site developments take place. It employs over 100 staff and additional subcontractors on each project as required.
Typically working on around 20 projects at any one time the business undertakes roads, drainage, substructures, external works and estate completion works. It has been involved in several high-profile developments including the Filton and Weston airfields.
The owners were introduced to Anderson Shaw by their Accountants, who had been asked to identify a suitable business broker to assist with the sale of the business, as the owners were looking to retire.
Anderson Shaw found a very well matched trade buyer quite quickly and, after some considerable negotiations, Heads of Terms were signed some 9 months from its’ appointment. The legal stages were more complicated than most, which resulted in a 6 month legal phase through to completion, and, working closely with the legal advisor and accountant during the DD process, it was very much engaged throughout keeping the deal on track.
The owners are delighted with the sale which allows them to retire from the business and pursue other family plans that they have in place.
The Anderson Shaw team acted as corporate finance advisers to the Kenny’s, for whom legal advice was provided by Nigel Farrell of Farrells Legal Services Ltd and financial advice was provided by Tony Payne of Payne & Co Accountants Ltd.