Lucas, a retained client of Meta Corporate Finance has secured £880,000 in a refinancing exercise with HSBC. This will enable Lucas to further invest in the business and continue its development and growth.
Meta is pleased to announce the completion of the management buy-out of the S Lucas Group, the £8m turnover specialist commercial finishing contractor.
As part of the continued succession plans for S Lucas Group, Meta was engaged to help structure the transaction and enable Sam Lucas to pass his controlling stake of the business to managing director, Danny Lucas who is joined by the commercial director, Ken Mulholland and Adam Lucas as part of the MBO team. Danny commented “I am proud to take control of the company and will endeavour to ensure the business continues to go from strength to strength. We have an excellent reputation for high quality work and customer service and have a number of good jobs on our order book."
Commenting on the transaction, Danny Lucas said, “Without Meta’s involvement, it is highly unlikely we would’ve completed the transaction on such a tight timescale. Meta drew together a highly capable and professional advisory team; including Nigel Stanford at Cripps Harries Hall and Alison Conley at Acumensa Consulting who provided legal and tax advice respectively. Our wider team worked efficiently and rationally together providing invaluable advice and support to structure the transaction.”
S Lucas Group has grown consistently over the decades and is now a major painting and commercial fit-out contractor to the construction industry working on some of the largest and most prestigious building projects of recent years including Heathrow Terminal 5, The O2 and the 2012 Olympic Stadium; many signature City high rise buildings including currently the Shard of Glass; and historically important buildings such as the Royal Shakespeare Theatre at Stratford-upon-Avon and the Savoy Hotel. Earlier this year the company won the Finishing and Fit-out category of the Specialist Awards 2010 organised by Construction News.
Mark Ledger-Beadell, who led the transaction for Meta commented, “What Danny recognised, I believe, is that an experienced and qualified approach to structuring and managing the MBO meant the emotional side of the transaction – his father exiting and him taking full control of the business – would not be allowed to delay or frustrate the transaction. We pulled together a strong and pragmatic advisory team to ensure the transaction was beneficial to all, yet as simple as possible.”