Project management consultant Schofield Lothian has completed a management buyout from its £1bn-turnover parent company, Enterprise
The move was funded by a loan from Enterprise, a public sector repair and maintenance group, and the consultant is now in the hands of four owner-managers.
The sale price was not disclosed but analysts estimated it was in the region of £3m, based on a forecast turnover of £10m in 2009.
The new owner-managers are Brian Impey, managing director, Anne Ellison, finance director, Roger Palphramand, commercial operations director, and Kevin Corcoran, project management operations director.
Impey said: “We’ve enjoyed a productive relationship with Enterprise. I’m very pleased to participate in the ownership of the business with friends and colleagues of many years.”
Mark Sutherland, director of Enterprise, said: “We’ve been impressed by the professionalism of all the colleagues at Schofield Lothian. We are, however, committed to focusing on our maintenance work in the utility and public sector markets.”
About 70% of Schofield Lothian’s work is in the public sector and its projects include the Victoria station upgrade, the Natural History Museum and the Whittington hospital PFI scheme, all in London.