A company which specialises in ensuring safety on construction sites has been acquired in a deal worth around £2 million.
Elsecar-based Hickton Consultants was acquired from its founder Tony Hickton by the Chelverton Investor Club and Chelverton Equity Partners, which raised around £1m towards the transaction.
Further investment came from Hickton’s managing director Tony Mobbs, with supporting debt finance from Yorkshire Bank Invoice Finance.
The Investor Club is part of the wider Chelverton Asset Management, which specialises in investment of small companies, and this is its first deal of 2016.
Hickton has been in operation for 25 years as a clerk of works business whose inspectors are employed to highlights potential hazards in construction sites in a bid to help companies improve safety and reduce potential costs.
Richard Bucknell, director of Chelverton Asset Management Investment, who will join the board of Hickton, said: “Tony Hickton planned for his succession with the appointment of Tony Mobbs four years ago.
“Since then, the business has continued to develop, and we’re delighted to support Tony Mobbs in acquiring a stake in the company and to help take the business forward at what is an exciting time for Hickton.
“As a market-leader in an established but growing niche, Hickton is a classic example of the type of business and deal that our investor members are keen to support.”
He described Hickton as an “excellent business” and added he is looking forward to moving the firm “forward into the next phase of its progression.”
Tony Mobbs added he is looking forward to moving the firm “forward into the next phase of its progression.”
Since 2010, the company has been involved in the inspection of over £6.5bn worth of construction work in the UK.