Built environment Deal advisory

Moore Kingston Smith advised on management buy out of Temco Facility Services Limited

01 May 2016

Moore Kingston Smith has advised Andrew Philpot in the management buy out (MBO) of facilities management company Temco Facility Services Limited (“Temco”). The transaction was supported by Bank Leumi.

Temco is a £6 million facilities management business whose clients are located across the UK, predominantly in London and the South East. Andrew Philpot, Temco’s managing director, was offered the opportunity to acquire it when the holding company was sold to international facilities management group Atalian earlier this year. Moore Kingston Smith Corporate Finance was appointed in February and completed the acquisition eight weeks later, having secured four offers of financing.

Andrew Philpot said: “Moore Kingston Smith has been our auditor and tax adviser for a number of years so when the chance came to acquire the company, I was delighted to hear that the Corporate Finance team were on board. The team understood exactly what I wanted and worked tirelessly to achieve it. We look forward to working with them in future as the business grows.”

John Cowie, Partner at Moore Kingston Smith Corporate Finance, added: “It was a pleasure working with Andrew to bring this transaction to a successful conclusion. For the right business, there are a number of banks who are clearly looking to lend into MBOs and the offer from Bank Leumi ticked all the right boxes.”