The £50m-turnover construction business will be renamed HG Construction and will be run by Chris Benham and Ian Saunders, formerly managing director and commercial director, respectively, of Hunting Gate Construction. Between them, they hold 100% of the ordinary shares of the business.
Benham admitted that the move was a bold step. “It is a new adventure for us,” he said. “It’s not particularly fashionable, it doesn’t carry sexy margins and it’s a tough old business. But the work has to be done by somebody.”
HG’s contracting workload is very mixed. It includes housing association refurbishment and new build, as well as work for Lloyds TSB and Equitable Life.
It will continue to operate out of Hitchin, Hertfordshire, and keep its regional office in Leatherhead, Surrey. “Our area of operation is from Birmingham to the south coast. We will expand our client base through continued improvement,” said Benham. He added that the firm will work for its former owner when opportunities arose. “We are cautious about parting because a medium-sized business like ours has huge up-front costs. But the new venture will offer a more personal service.”
Hunting Gate decided to sell the business to concentrate on property in the UK and the USA.