HURST advises Wilkinson Cowan Partnership on management buyout

A team at HURST has played a leading role in a series of deals which sees a property and construction services consultancy begin a new era following the completion of a phased management buyout.

Wilkinson Cowan Partnership, which has its headquarters in Cheadle Hulme, Stockport, and an office at Liverpool Innovation Park, has undergone a series of transactions led by our team.

Previous owners Steve Ross, Derek Humphries and Mark Davies have retired and sold their shares in stages over the past four years.

This has paved the way for directors Mark Jensen, Ben Dawson and Stuart Torkington to acquire the business. The trio have 75 years’ combined experience in the industry.

The latest deal has seen Mark Davies exit the business and Stuart become a shareholder. Financial terms of the transactions are undisclosed.

The business was founded in 1980 by Malcolm Wilkinson and John Cowan as a quantity surveying practice, and has expanded over the years to provide a range of building consultancy services.

These include project management and building surveying as well as expert witness, employer’s agent, clerk of works, CDM principal designer, health and safety, access consultancy, party wall and procurement advice and cost management services.

Wilkinson Cowan Partnership, which employs 20 staff and a network of regular consultants, acts for clients such as housing associations, private clients, architects, local authorities and dioceses across the north and beyond. It has places on a number of regional and national frameworks, which underpin much of its business.

Mark Jensen said the company is expanding into new sectors such as higher education, and would consider bolt-on acquisitions which add to its firepower.

He said: “The exit strategy for Steve, Derek and Mark Davies and our succession planning have been choreographed over several years, and now the final piece of the jigsaw is in place we are looking forward to building on the legacy of our predecessors.

“The practice has a proud record of exceeding client expectations, which was established from the onset with Malcolm and John, and then carried forward with Steve, Derek and Mark.

“Building on their success is a challenge relished by the current board. We are continuing in the mould of the previous practice owners as hands-on directors.

“Our team has a wealth of experience and knowledge which is appreciated by our clients, for whom we provide a bespoke service.

“This leads to regular repeat work across a range of sectors and geographical areas, including the north west, Yorkshire, the north east and beyond.

“The future looks very promising, with our apprentices completing their degrees one by one, and helping to push the company forward.”

He said Wilkinson Cowan Partnership is well-placed to benefit from the anticipated housebuilding boom.

“We expect a strong pipeline of new projects once Labour presses the button on its housing policy. We’re in a good position to be at the forefront of this, as a significant proportion of our work is for housing associations,” he said.

Partner Liz Gallagher, who is head of our tax team, was the lead adviser on the transactions, assisted by senior tax manager Sarah Haley and Ben Bradley, of HURST Corporate Finance.

Liz said: “Over the course of four years, we have assisted three shareholders to exit and enabled three new shareholders to own the business. Working with them to achieve their succession plans has been a great pleasure.

“It’s always satisfying to see a transition to new ownership from within the business, and to know that they will continue to drive it forward while maintaining the culture that has helped to shape its success.

“This has been the case with Wilkinson Cowan Partnership, and we wish everyone involved all the best for the future.”

Andy Curwen and Gemma Lingard, of Gorvins Solicitors, provided legal advice on the transactions.