Senior management team have become majority shareholders in the London-based business

Steve Elliott

Directors at fit-out and refubishment specialist BW have completed a management buy-out of the business.

The deal gives the firm’s chief executive Steve Elliott and four directors - finance director Andrew Bradley, customer experience director Rob Frank, pre-construction director Colin Ogden and sales & marketing director Anthony Brown - a majority shareholding of 60%.

BW’s founders and co-owners Craig Foster and Mark Richards retain a combined minority stake of 40%.

Known as BW Interiors until last year, the firm posted revenue of £100.5m and a pre-tax profit of £2m for a 15 month period ended 31 December 2016, having previously reported a revenue of £100.2m and pre-tax profit of £2.7m for the year ended 30 September 2015.

A spokesperson for BW said the firm was targeting a revenue of more than £150m for the current financial year.

Established in 2000 BW currently has 180 employees and operates in the commercial and higher education sectors, primarily in London and the south-east.

Recent projects include a revamp of Amnesty International’s 52,000 sq ft Clerkenwell office and the fit-out of online trading firm IG Group’s 30,000 sq ft east London base.

In 2016 the directors received remuneration, including pension contributions, of £2.5m, up from £1.5m in 2015.

The spokesperson said: “BW’s 17-year track record has seen it become a significant player in the UK fit out and refurbishment sector with a growth potential based on defect free completion, market-leading service delivery, strong cash flow, and a strong brand advantage.”