MBO For Total Environment Network
Bridgwater firm, Total Environmental Network, is set to grow by 30% in the next three years following a management buyout by David and Michelle Mitchell.
Total Environmental Network maintains the heating, ventilation and cooling systems for many of the well known names in the South West and South Wales. They look after Homebase, WH Smith and Argos’ retail outlets in the area as well as Taunton Deane Council, Defra and local companies such as the Mulberrry Restaurant in Shepton Mallet.
David Mitchell joined the business just three months after Peter Carter started it thirteen years ago and has seen it grow to a turnover of £3.5m with 42 staff.
David Mitchell said “Peter Carter wanted to retire and it seemed a great opportunity for Michelle and I to take over Total Environmental Network. I certainly know the business has a great team who provide a 24 hour and 365 days a year service maintaining as well as designing heating and ventilating systems.
“We want to expand our customer base in our existing geographic area which goes from Lands End to Birmingham and from Aberystwyth to Andover and increase our turnover from £3.5 to £5m in the next 3 to 5 years.”
A team of lawyers led by partner Mark Lewis and solicitor Antonia Power at south west law firm Foot Anstey acted for David and Michelle Mitchell in the MBO. Mark Lewis said “We are delighted to have acted for David and Michelle in this important transaction and wish them every success. This is the latest in a series of Somerset corporate deals we have been involved in, we are encouraged by the increasing number of deals which are successfully reaching completion.”
Taunton based accountants Albert Goodman, led by partner Paul Sargent, advised David and Michelle on financial, accounting and tax issues. Finance was provided by Nat West, Taunton (Paul Drake).
Published 24/07/2007
