Philip Evans has completed a management buy-out of one of the UK’s leading distributor and fabricator of decorative laminates and wallboard systems.
Established in 1964, Swansea based HS Bassett & Son Limited (HSBSL) was one of the first ever distributors of Formica in the UK. Philip Evans joined the family owned business in 2000 becoming Operations Director in 2006. A loan from the Development Bank of Wales has now enabled him to complete a management buy-out with his son Scott Evans a qualified engineer and CAD user working alongside him.
With 21 staff and turnover in the region of £2 million, the company specialises in the fabrication of made to measure toilet cubicles, vanity units, bars and counters. Clients include Coastal Housing Group, City and County of Swansea Council, Atlantic College, office furniture providers, healthcare trusts and other customers throughout the UK.
Over the years, the product range has been expanded to offer wall paneling systems and accessories aswell as a trade counter. Supplying distributors throughout the UK, brands include Axiom, Aquamura, Duropal, Formica and Polyrey.
Philip Evans said: “Our reputation for quality workmanship and service dates back over 50 years. We’ve grown and diversified significantly over the years but our traditional values are still very much at the heart of all we do.
“That’s what makes me so proud to now be leading the next phase of our journey. We are very fortunate to have a highly skilled and dedicated team who share our commitment to excellence. With the support of the development bank, we are well placed to build on our heritage and deliver future growth for the benefit of all.”
Alun Thomas is Regional Manager for the Development Bank of Wales. He commented: “As a family owned business, HSBSL has continuously invested to be leaders in their field. Their customer base is testament to their hard work and quality workmanship.
“Encouraging and facilitating management buy-outs is key to nurturing entrepreneurial talent and safeguarding jobs in Wales. That’s why we are so pleased to support Phil and wish both him and Scott every success as they take over the leadership of HSBSL as a market leader.”
Sheraz Akram of DJM Solicitors and Nick Bassett of Harris Bassett Accountants advised Philip Evans. Michael Williams of JCP Solicitors advised the vendor. Nick Bassett said: “We were delighted to be able to assist Phil in the buy-out process and reach a successful conclusion for all parties. The strength of the business comes from the team of employees and the quality of the products they produce. Under Phil’s management this winning formula will undoubtedly continue and we wish him and Scott every success for the future.”
Sheraz Akram commented: “The business has solid foundations and a proven track record. The business plan put in place by Phil and his team for the business will ensure continued investment and growth opportunities”.
Michael Williams of JCP Solicitors added: “It was a pleasure to advise the vendor on the sale and we wish the purchaser the very best success with the business going forward.”
Funding for the deal came from the Wales Business Fund, part-funded by the European Regional Development Fund through the Welsh Government.