Product category:
Facility Management and Building Services
News Release from: Strategic Team Group (STG)
Edited by the Buildingtalk Editorial
Team on 11 March 2008
Strategic teams up with Barclays
ventures
Strategic Team Group, announces that Barclays Ventures has funded a shareholder reconstruction of the business in a deal worth over GBP11 million.
The business, based in Castleford, West Yorkshire and Glasgow currently employs some 165 people and the deal will generate further job opportunities at a rate of ten per cent per annum Senior debt and working capital was provided by Yorkshire Bank, while the Leeds office of accountants and business advisers PKF acted as financial adviser and co-ordinated the deal
This article was originally published on Buildingtalk on 25 Aug 2006 at 8.00am (UK)
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The deal sees founding shareholders managing director, Andy Watson, business development director, Charles Tweed and operations director, Gary Taylor selling a significant minority stake to Barclays Ventures and a share pool being made available to incentivise key senior employees.
Formed in 2000 by the founding shareholders, Strategic Team Group has grown impressively and forecasts a turnover in excess of GBP32m in the next 12 months.
Improvement of the UK's social housing stock has been a key government initiative in recent years and Strategic Team Group has been a key player in this sector providing refurbishment and maintenance services under the Decent Homes Initiative and new build social housing under the National Affordable Housing Programme.
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Strategic Team Group has also been instrumental in helping several regional Local Authorities to meet other key government initiatives, providing property refurbishment and adaptation services under the Disability Discrimination Act, the Independent Living Initiative and upgrading the facilities of primary schools under the Primary Capital Programme.
In the private sector Strategic provides refurbishment and maintenance services to several national clients including Exxon, Shell, CBRE, DTZ, Home Retail, Travis Perkins, Merseyrail and Vue Cinemas.
Charles Tweed, business development director of Strategic Team Group said: "The last eight years have been a great adventure, but this deal provides us with a quality institutional investor in Barclays Ventures, which will help us expand our services and our geographical reach even further".
"We have built our business on delivering service excellence and an ethic of fantastic team work".
"Together these will remain core values - we are committed to a "right first time" policy with our customers and we have created share incentives for our key employees".
Andy Lees, regional director, Barclays Ventures said: "We have known Charles, Andy and Gary for over two years and have watched the business develop over this period".
"There are strong growth drivers in both the public and private markets and Strategic Team Group is well placed and has the track record to capitalise on these excellent opportunities".
"We look forward to backing the team and helping them continue their impressive expansion".
PKF corporate finance partner Margaret Ferris said: "This committed and forward thinking company has established an impressive platform for future growth and we will continue to enjoy the challenge of working with them".
Simon Murden, associate director, Yorkshire Bank said: "We are delighted to have been chosen to support Andy, Charles and Gary in the next stage of Strategic Team Group's development".
"The business has an excellent track record of generating opportunities in both the public and private sector and is operating in high growth markets".
"We very much look forward to assisting the business achieve its full potential".
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