The UK’s largest electrical contractor has secured a seven-figure sum to support a management buyout (MBO).
Gloucestershire-based Clarkson Evans, established in 1981 by current chairman Steve Evans, said it would also use the funding from HSBC UK to diversify into the renewable tech sector as demand from builders continues to increase.
The MBO was first announced in January and will see control pass to the existing management team while Mr Evans steps into the role of non-executive chair. The firm's new owners include chief executive Lindsey Young; finance director Doug Sparrow; production director Chris Pike; technical director Leigh Mason; and commercial director Tim Bisp.
Ms Young said: “Our new management team has 75 years of experience working for Clarkson Evans between us, so we’re confident the firm will continue to thrive. We see this move as the next exciting chapter for Clarkson Evans, as we begin to look towards a more sustainable future for the sector and offer additional services to our customer base."
The firm said the funding will be used to research new technologies, as well as introducing new products and upskill staff. With the ban on gas boilers in new-build homes being introduced from 2025 and other regulatory changes coming in to make new homes greener, the company is now preparing to install air source heat pumps into new-build homes as well as thousands of electric vehicle charging points and solar panels.
Ms Young said using renewable technology would become "increasingly important" in the coming years.
She added: "The funding has allowed us to pursue new ventures and continue to uphold our reputation as a trusted first-choice electrical subcontractor to builders up and down the UK.”
James Shepherd, head of corporate banking South West at HSBC UK, added: “It’s been a pleasure to support Clarkson Evans’s management buyout and its journey to becoming a more sustainable business. As the need for greener homes continues to rise, there’s no doubt that there will be huge demand for these services in the construction space.”
Clarkson Evans currently wires around 24,000 homes each year and employs 850 people across its 21 branches around the country.
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