BDC

New £80M Company Has Been Formed

Digger_on_site_at_Berry_Hill_Mansfield

Swindon-based Flynn Group has acquired a Bristol groundworks company, which trades as Kenny, in order to form an £80 million turnover group. Flynn Group, which has waste management, building maintenance, civil engineering and groundworks divisions, has been advised to go ahead with the purchase by the industrial products and services team, led by Ian Curtis at Transcend Corporate, the Birmingham and Reading-based corporate finance house.

“Flynn has grown considerably in recent years, as customers utilise our company’s efficient, reliable and economic services, enabling them and ourselves to increase output. Kenny is a fine business and highly complementary, providing us with an enlarged platform to accelerate growth and expand our coverage,” said Managing director at Flynn, Alf Hambidge.

John Kenny, one of the founders of the Bristol company, also commented on the purchase: “My wife Val and I have overseen Kenny from a fledgling business, to being a leading player in house-building in the South West, with an expert team that consistently provides efficient and reliable services, of which we are very proud.

“As we move into our retirement, we are pleased to pass on our strong traditions to the team at Flynn and wish them well in the continued development of Kenny, and say thanks to all our staff and contractors who have helped us grow into the successful business it currently is.”

The deal to purchase Kenny was funded by Allied Irish Bank and it was also advised by Foot Anstey while SGD provided financial due diligence and tax structuring advice.

“There are significant opportunities for further growth as recent structural change in the housebuilding sector provides the opportunity for accelerated expansion,” added transcend corporate director, Ian Curtis.

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BDC 299 December 2022