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The Coalfields Enterprise Fund, the venture capital Fund managed by Enterprise Ventures on behalf of the Department of Communities and Local Government, has backed the management buy out of Acorn Foundation Engineering Limited.

15/05/2006

Based in Leigh, Greater Manchester, Acorn is a specialist contractor to the construction industry. The company’s activities include underpinning of properties suffering from subsidence along with new foundations for domestic and commercial properties where ground conditions dictate that piled foundations are required. Customers include many of the national and regional house builders as well as smaller contractors.

The business was originally established eleven years ago by the current Managing Director, Andrew Hall, as a division of Acorn Building Services, since when it has grown to a turnover of circa £7m and now employs over forty people across the North of England, with a satellite office in Mirfield, West Yorkshire.

The Coalfields Enterprise Fund backed Hall in purchasing the business from the family owners of Acorn Building Services. Andrew and his team intend to further develop Acorn’s position in the market, supported by new investment in the latest plant and equipment, with further geographic expansion likely.

Paul Taberner, Investment Director at EV, Fund Manager of the CEF, says of the investment, “We are highly impressed with Andrew - he has built a very strong business over the last eleven years and we are convinced that it will thrive under his ownership. We welcome the opportunity to support this MBO and look forward to helping Andrew deliver his growth plans for the business”.

Andrew Hall, Managing Director at Acorn says, “I am pleased to have the support of the CEF in acquiring the business and welcome them as an investor. I am delighted that we can now implement our plans to develop Acorn Foundation Engineering into a leading player within our sector”.