Lloyd James, Partner at Owen & Owen has completed the equity purchase of the business thanks to a loan from the Development Bank of Wales.
Owen & Owen is an established firm of chartered surveyors, specialising in land and estate management and is based in Pembroke.
This deal concludes the succession plan for retiring partners Anthony Owen and Joanne Owen which began in 2015 when Lloyd James joined the partnership.
Colin John, Partner at Llewelyn Davies Chartered Accountants, based in Whitland, provided specialist financial advice and is now finance consultants to the business.
“The Development Bank of Wales and Llewelyn Davies have enabled us to successfully purchase the business” said Lloyd James, Managing Director of newly formed Owen & Owen Limited. “We will also continue to invest in technology and it’s exciting to be already growing our team.”
Alun Thomas, West Wales Regional Manager at the Development Bank of Wales said “It was great working with Lloyd and his adviser Colin John on this deal. They’re dedicated to providing the best possible services to existing and new customers and I look forward to a long and fruitful relationship.”
Colin John, Partner at Llewelyn Davies said “I’m delighted that this deal has concluded so positively. I did not hesitate to put Lloyd in touch with Alun at the development bank when he sought funding options. I have always found the bank to be flexible, with a good knowledge of the local market here in west Wales.”
The Development Bank of Wales has a dedicated fund to support business sales and succession, the Wales Management Succession Fund. Finance, both loans and equity, from £1,000 up to £5 million is also available from a number of the development bank’s other funds.
“A planned, phased succession is a great way of ensuring business continuity for both your customers and staff,” added Alun Thomas. “It’s great to see increasing numbers of business owners in Wales planning their business legacy in this way. We’re working with more and more vendors and management teams to support smooth succession transactions, like that just completed at Owen & Owen.”
Owen and Owen was established in 1991 with offices in Pembroke, and now serves customers across south and west Wales. A team of qualified chartered surveyors provide land and property management, valuation, purchase and sales, and related specialist advisory services to estates, farming business, charities, property investors and hotel businesses.