A North East entrepreneur who sold his workwear business in a £50m deal has made a first acquisition through a new enterprise.
Andrew Ward last year sealed the significant deal for Durham based Workwear Express, a firm he began at the age of 18 with little more than a van and a sewing machine, growing it to become a leading manufacturer and supplier employing more than 280, sending workwear, promotional clothing and PPE to all sectors around the globe.
Five months after selling the business, to distribution and outsourcing giant Bunzl, the Durham entrepreneur has snapped up Merrington Industrial Estate in Spennymoor in an £8m deal, as the first purchase for his new firm Ward Group Investments.
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Through his career he has also developed an extensive property portfolio and he is an experienced developer and landlord. The new organisation is set to invest in a diverse range of properties including industrial, retail, office, leisure and student accommodation across the North East.
Mr Ward said: “The acquisition of Merrington Industrial Estate is the first under the new Ward Group Investments brand. We are looking for a range of opportunities across the North East. I am looking forward to operating the firm as a family business, with my son and daughter also being appointed to key roles within the firm.
“I am passionate about investing in the North East, in creating new and quality job opportunities and retaining business and enterprise within the region.
“I saw great success in creating a multimillion-pound business from roots in Durham which created hundreds of job opportunities along the way and I hope to see more of our region’s businesses thrive.”
Bradley Hall’s group managing director, Neil Hart, acted on behalf of vendor Northumberland Estates Limited.
Mr Hart said: “The Merrington Industrial Estate is a fantastic investment opportunity to purchase a fully occupied industrial estate in a prime position. Not only will this transaction support a range of local businesses and their employees, but it also demonstrates that the commercial market in the North East is buoyant for significant purchases and investment opportunities.”
The site comprises 10 units, all of which are currently occupied by tenants including companies such as Engineered Foam Products Limited, NE Logistics, UK Storage Vaults Ltd, and Stiller Warehousing & Distribution Ltd. Bradley Hall associate director, Joseph l’Anson will be managing the industrial estate on behalf of Merrington Lane Limited.
Joseph l’Anson, associate director at Bradley Hall, said: “I am very much looking forward to working with Andrew to manage this site, as well as maintaining relationships with existing tenants and I am confident that other investment opportunities such as this will appear in the future.”
