Yorkshire commercial interiors specialist acquired in ‘ultimate’ management buyout

A North Yorkshire based commercial interiors specialist, with a strong market presence in the North of England, has been acquired in a management buyout by six members of its senior team.

Ultimate (Commercial Interiors) Ltd specialises in fit-out, furniture, design and consultancy, with a particular focus on office spaces and hotels.

The company is headquartered in Cross Hills near Skipton, where it has a vast 16,000 sq ft workplace experience showroom, known as ‘The Hive’. This “unique and vibrant” facility, which opened in 2020, is one of the largest resources of its kind in the UK.

The MBO team comprises long-standing co-owner Dan Platt who now takes up the role of CEO, along with Vici Plunkett as finance director, Steve Broadbent as pre-construction director, Steve Cowley as director, Bobby Murriero as contracts director and Paul Alexander as sales and brand director.

The team have taken over the running of the company from Mark Hickey and Mark Naisbitt who founded Ultimate in 2002 and who are now stepping down. However, the pair will maintain a minority shareholding in the business.

In addition to its Yorkshire headquarters and showroom, Ultimate has offices in Manchester, Liverpool and Newcastle, and employs more than 40 people, as well as working with dozens of consultants, specialist contractors and a wide-spanning supply chain.

The buyers were advised by Susan Clark and Steven Silver, from the Leeds office of Yorkshire law firm, LCF Law and KM Business Advisory provided accountancy and financial advice.

The sellers were advised by Christian Hunt and Nick Thackray from Bevan Brittan and Victoria Court Private Clients. In addition, Claritas Tax provided specialist tax advice to both parties and Paul Dolyniuk, of SME Capital, provided the funding facility.

In its latest financial year, Ultimate grew turnover by 15 per cent to more than £23m and plans to grow its pre-construction and delivery teams further this year. In addition, the firm is currently looking to recruit a new estimator and contracts manager.

Dan Platt, who joined Ultimate in 2007 as joint owner and director, commented: “For the past 21 years Mark and Mark have worked hard to build a resilient and formidable business, which is highly respected in the market by clients, suppliers and competitors alike.

“This MBO comes on the back of another record year, we’re currently working on a wide range of exciting projects throughout the UK, ranging from single office units to 20,000 sq ft schemes. All this combines to make it a very exciting time for the Ultimate team, our clients, and our supply chain.”

By Matthew Neville – Senior Correspondent, Bdaily

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