Building services consultancy Foreman Roberts has been bought out by its management team.
Stuart Alexander, the managing director of Foreman Roberts, will take over the reins from chairman and owner Barry Shaw, who is retiring. Co-owner Richard Kennedy is also leaving.
Clive Williams, the former chief executive of management consultant Capgemini, joins the board as non-executive chairman.
Last year, the company made a pre-tax profit of £2m from a turnover of £11.8m. Alexander said he was looking to grow turnover and profit by 15% over the next two years.
He said: “The market is expanding, particularly in sustainability, and the data centre, hotels and leisure markets are very active.”
The buyout is being supported by venture capitalist trust NVM, which has contributed £7m of the £14.7m needed.
It is unusual for venture capital to invest in the building services industry but Peter Hodson, who managed the deal for NVM, said changes to environmental legislation meant that the climate was right for capital growth in the area.
Foreman Roberts provides advice on design and sustainability, with an emphasis on the M&E sector. It has advised Quintain on Wembley, Land Securities on its Bankside offices and the All England Tennis Club on Wimbledon’s Centre Court.
The firm made headlines in June when, together with the British Council for Offices, it found that Ken Livingstone’s London Plan regeneration targets were virtually unreachable.