News

HOWARD SANDCLIFFE ACQUIRES THIRD INTERIORS COMPANY

February 2008

Howard Sandcliffe Investments (HSI), the partnership between the Howard Group and Sandcliffe Investments, has completed the acquisition of Hemel Hempstead fit out company Adex Interiors.

This is the third business acquisition in two years within the building services sector for HSI and compliments their existing businesses, A T Jones of Fareham and Advanced Interiors, Wokingham.

Adex specialise in internal business space solutions and have been established for 30 years. Their clients include University of Herfordshire, Allied Dunbar, Seven Trent Water and Smiths Industries. The company is a solution provider and offers a full range of turnkey services including electrical, IT, suspended ceilings, partitioning, Mezzanine floors, furniture, storage, air conditioning and heating. Last year the business had a turnover of £5m.

Nicholas Bewes, Howard Group MD, said, "This latest company addition positions itself very neatly alongside our other acquisitions in the sector.The three businesses complement each other well and we will be exploring ways of developing synergies across all three businesses, whilst continuing to retain autonomy. Adex will allow us to further establish ourselves in this specialised market sector."

The Adex senior management will remain with John Latimer continuing as Managing Director of the new company. He will work with the HSI management team to grow the business.

Commenting on the acquisition, Paul Atherton of Sandcliffe Investments, said, "We are delighted to add Adex to our group of interiors businesses and look forward to working with the management team to build on the company's success."

As part of the transaction, the deal included the purchase of the company's headquarters building in Hemel Hempstead. HBOS in Cambridge provided the senior debt and were advised by Mills and Reeve. Mazars and Dunhams Solicitors in Milton Keynes acted for HSI.