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£12m management buyout deal for heating and plumbing operation

Heating Plumbing Supplies (HPS) Limited has been taken over in a £12.88 million management buyout of the existing business.

The buyout followed the announcement of record sales of £39.6m and improved company profits of £1.81m for 2010.

The deal means the independent plumbers merchant has been acquired by umbrella group Heating Plumbing Supplies Group Limited.

Heating Plumbing Supplies Limited is now a wholly owned subsidiary of Heating Plumbing Supplies Group Limited, which is totally owned by the staff and management of the company with no outside shareholders.

Directors raised the capital required to set up HPS from several outside shareholders who received a return on their investment.

Managing director Ron Walker said: “We are delighted to announce such excellent results and to have completed a successful management buyout of the company.”

“We are especially pleased that 50 per cent of our staff have taken the opportunity to invest in the company.”

Mr Walker added: “I would also like to thank all our previous shareholders for their magnificent support during the first 10 years of HPS.”