News On the Move
managing director for DencoHappel UK Limited. He has been vice presi- dent for the Fläkt Woods UK sales unit since 2014 and joins the Den- coHappel board to lead the com- bined businesses in FläktGroup.
Mark Bonser as its new sales rep- resentative for the North East. He will cover the east side of the country, from Sheffield to New- castle.
Farmer as its new chief operating officer. He will help it to fulfil its pledge to create 500 new jobs and double its turnover by 2020.
- head as regional sales manager, with special focus on the consult- ants and contractor markets.
commitment to the Irish market with the appointment of Warren Smith as dedicated sales engineer.
- pointed Matthew Skinner as busi- ness development manager for the London and South East region.
who led the design of the world’s largest ammonia water source heat pump for a town’s district heating and cooling scheme in Norway, has won ASHRAE’s prestigious Comfort Cooling Award for Project Excellence at the Society’s Winter Meeting on 28th January.
Richard Brown as specification manager for the London area.
- pathy as operations manager in its WMI department. Until recently he has has been leading WMI Building Controls and Smart Energy pro- grammes.
J S Wright senior team complete management buyout J
S Wright, one of the UK’s longest established building services providers, has been bought out by its senior management team. The mechanical and electrical spe- cialist, which was founded in 1890 and has its headquarters in Birmingham and offices in Bristol and London, is now owned by its team of five execu- tive directors who have run the busi- ness for the past ten years. Marcus Aniol, who was appointed managing director in 2008, is now a major shareholder in the company alongside finance director Martin Rob- erts, national design and estimating director Andrew Smith, national me- chanical contracts director Phil Leech and national electrical contracts direc- tor Paul Featherston.
The buyout of J S Wright, which is projected to become a £50m business this year, follows the retirement of previous owners and main board directors Peter Marsh, Edwin Moore and David Osborne, who stepped down from the day-to-day running of the company in 2006.
Managing director Marcus Aniol commented: “Our thanks go to the
L to R: Phil Leech, Marcus Aniol, Paul Featherston, Martin Roberts and Andrew Smith
previous owners for their careful stewardship and faith in our ability to develop the company to what it is today. We have an established team of directors in place with the drive, deter- mination and vision to take the busi- ness forward to an exciting future. The corporate finance team at the Birmingham office of accountants MHA MacIntyre Hudson, led by Mukesh Bulsara, advised the management team on the buy-out, with MHA tax partner Jay Boyce providing expert tax
Top construction firms are owed more than £1bn in cash retentions
A
n analysis by the Specialist Engineering Contractors’ (SEC) Group, the construction rep-
resentative body, says that nine of the UK’s top 12 construction firms are owed more than £800m. This indicates that all 12 companies together are owed over £1bn of cash retentions. Over 80% of this sum, more than £0.8bn, would have comprised the retentions withheld by these companies from their supply chains, the overwhelming majority of whom would have been SMEs. One contractor’s accounts showed that it was holding a retention amount against its supply chain that was signifi- cantly greater than the amount withheld against it by its clients. SEC Group ceo Professor Rudi Klein said that the analysis was extremely timely given that publication of a government review of the retentions
8 March 2017
system was imminent. “There is no other industry sector in the UK where such a large amount of cash is at risk especially for SMEs. By the time these monies are released back to SMEs in the supply chain some years would have elapsed. In a high proportion of cases the retention represents the profit element for SMEs”. SEC Group estimates £0.4bn would have been held by public sector bodies. In this case the retentions provided by the top contractors would not be at risk (since public bodies do not go into insol- vency), but there is still a significant risk for the SMEs lower in the supply chain. SEC Group has been urging the Government to introduce legislation to protect or ring-fence cash retentions to remove the insolvency risk and to ensure that retentions are released on time.
advice. The Wilkes Partnership led by Gareth O’Hara provided legal advice to the management team, while the legal advisers to the vendors were Shakespeare Martineau led by Gary Davie. Funding for the transaction was provided by NatWest Bank.
J S Wright specialises in the design and installation of mechanical and electrical (M&E) services for the hotel, residential, social housing, student ac- commodation, leisure and commercial sectors.
Elta Group takes over Acoustica
E
lta Group, an international leader in fans, air movement, filtration and distribution, has
acquired Acoustica, boosting its noise control offering. UK-based Acoustica is a special- ist engineering company involved in the control of industrial and en- vironmental noise and vibration. By positioning the brand alongside its existing noise control and acoustics capabilities, Elta Group will benefit from an enhanced knowledge and experience of highly effective noise control solutions. Elta Group chairman David Ball
said: “We are delighted with the ac- quisition of Acoustica, which is rep- resentative of our wider intention to develop leading products and solu- tions for an ever-growing spectrum of markets across the globe.”
www.heatingandventilating.net
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