Family-owned appliance repair firm changes hands in MBO
Thu, 15 Aug 2024 | MBO/MBI
A family-owned household appliances repair firm based in Swansea has been acquired in a management buyout (MBO) backed by the Development Bank of Wales. Electronic Services (Wales) Ltd was founded as a television repair shop in Uplands, Swansea during the early 2000s.
The company has since expanded to become a specialist in the repair of household appliances, including televisions, washing machines, tumble dryers, fridge freezers and other white goods, and has relocated to larger premises in Fforestfach. It provides licensed, in-warranty repairs for a range of major electronics firms, including Samsung.
Electronic Services (Wales) Ltd was founded and owned by Phil and Amanda Hardman, who also founded H3 Group, a specialist in the installation and maintenance of electronic security and fire systems.
Their son Daniel joined the management team in 2018 and has assumed the role of Managing Director of both businesses following the MBO, which was backed by a £240,000 loan from the Development Bank of Wales via the Wales Flexible Investment Fund. Daniel Hardman has also added a new arm to the business: H3 Electrical and Solar.
He commented: “With the support of the Development Bank of Wales, we are in a strong position to expand our operations and continue delivering exceptional service to our clients while also preserving the values and high standards that have been the foundation of our success. My parents can now step back after years of hard work in running and expanding the businesses.”
John Babalola, Assistant Investment Executive at the Development Bank of Wales, said that the MBO “marks a significant milestone for both businesses, ensuring continuity and job preservation.”
He continued: “This transition is expected to maintain the high standards and strong customer relationships that both companies are known for, while also bringing a fresh vision and energy to the businesses.”
Babalola added: “The Development Bank of Wales is ready to support MBOs at businesses across Wales, helping longstanding owners to step back and retire, and experienced management teams to step up and take on ownership.”
MBOs are becoming an increasingly popular exit option for owners seeking to preserve jobs and ensure continuity once they have left their business
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