A management buyout (MBO) has been completed at Churchills Specialist Contracting Ltd, a provider of specialist contracting services, funded by Virgin Money.
Nottingham-based Churchills Specialist Contracting Ltd celebrated its 30th anniversary in 2024. From its humble beginnings in the Steeplejack industry, where craftsmen scale buildings and chimneys to carry out repairs, maintenance, demolition or new installations, today Churchills offers an array of additional professional services, including specialist access, structural maintenance, concrete repair, industrial leak sealing, lightning protection, and specialist earthing.
The company has been involved in significant long-term projects such as the refurbishment and maintenance of cooling towers and chimneys at Ratcliffe-on-Soar Power Station, the installation of specialist isolated lightning protection and main earthing systems for major research establishments and power plants, together with the structural maintenance of long-term social housing projects and water storage facilities nationwide.
Additionally, Churchills has contributed to the London Power Tunnels project, providing specialist earthing, access and leak sealing services for the National Grid’s extensive underground distribution network. They also played a key role in the renovation of 80 The Strand, and more locally, the Derby Market Hall’s multimillion-pound refurbishment.
The MBO milestone marks a new chapter in the company’s journey, setting the stage for continued growth. Virgin Money’s support will enable the management team to purchase the business, ensuring a smooth transition and continuity of operations.
The MBO was led by Richard Rowson (managing director), Aimee Riddell (operations director – Steeplejack Division), Will Burnside (operations director – Structural Maintenance and Waterproofing Division), and Dan White (operations director – Lightning Protection and Earthing Division), who will now take ownership of the business.
This move is set to incentivise the management team to continue to build and grow the business, with plans to expand employee numbers and enhance service offerings.
Richard Rowson, managing director of Churchills Specialist Contracting Ltd, said: “Huge thanks to the Virgin Money team and of course to the previous owners, Wayne Murry and family, on behalf of myself and fellow directors for making the MBO a reality for us.
“The overriding message to all our valued customers and suppliers is very much ‘business as usual’! The Company remains very firmly in the safe hands of the existing, well established and capable team of directors, staff and loyal workforce”.
David Burgess, director, Strategic Finance at Virgin Money, said: “Churchill’s is a long-standing, well-respected business, and this management buyout marks the start of the next chapter in the company’s history.
“It has been a pleasure to work with Richard and the entire team and we’re pleased that they chose Virgin Money as their funding partner. Providing cashflow finance packages to help ambitious, growing SMEs achieve their goals is what we do well, and we are proud to support the team.”
Deniss Sipovics, at PKF Smith Cooper, who supported the transaction, said: “It was a pleasure to support the management team at Churchills and to work with Virgin Money on this significant transaction.
“We were pleased to provide financial due diligence to support the deal, which represents an exciting opportunity for the new owners to build on the company’s strong legacy and drive it forward into its next phase of growth. We wish them every success as they continue to deliver exceptional specialist services across the UK.”
