Advance Construction moving forward after next generation MBO24/10/2017
The founder of a long-standing family-owned construction firm has handed over the reins to the next generation after successfully completing the sale of the business.
Ronnie Wealleans set up Advance Construction in 1989 after previously working for Nestle at its Fawdon factory, and has since worked almost exclusively with the confectionary giant as an embedded contractor.
Ronnie’s daughter and son in law, Nicky and John Wilson, who have worked for the Leamington-based business for 20 and eight years respectively, have now taken ownership of Advance Construction, although Ronnie will still remain involved with managing operations.
Mincoffs Solicitors and RMT Accountants and Business Advisors have worked with the MBO team and vendor through the sale process.
Advance Construction has been responsible for some of the biggest developments at the Fawdon site over the last three decades, including the construction of its Rolo and Breakaway production lines.
It supports Nestle’s project engineers on a wide range of activities around the plant, and also currently has three employees permanently based on site to manage any maintenance requirements as and when they arise.
Ronnie Wealleans says: “Advance has succeeded by providing tailored, dedicated construction and maintenance services to Nestle, and we’ve built up a tremendous bank of experience during almost three decades of work at the Fawdon site.
“Being involved with some of Nestle’s biggest projects at the site, and knowing that we’ve contributed to its continuing success as a result, has been very rewarding.
“John and Nicky have been central to our continuing success over many years, and it makes sense for them to take over the business now and use their experience to keep it moving forward.
“The support and advice of our professional advisors has made the buy-out process a very smooth one, and their expertise has helped ensure Advance is fit and ready for a very successful future.”
Chris Hughes, corporate solicitor at Mincoffs, says: “We were delighted to assist Ronnie and wish him all the best for a long and healthy retirement and Nicky and John every success with their future business plans.”
Michael Cantwell, head of corporate finance at RMT Accountants and Business Advisors, adds: “Developing a carefully thought-out succession plan is an essential part of any sustainable business strategy, and we’re very pleased to have helped the Advance management team execute theirs so seamlessly.”