Beyond Limits founder finds the right succession plan with help from PKF Francis Clark

Social care provider Beyond Limits (Plymouth) Ltd has been acquired by Tristone Healthcare, in a deal supported by PKF Francis Clark.

Operating across Devon, Cornwall, Somerset, and Dumfries and Galloway, the Plymouth-headquartered business specialises in supporting people with learning disabilities, mental health issues and other needs. Employing 131 staff and supporting 26 individuals, Beyond Limits is rated outstanding by the Care Quality Commission (CQC).

Founder and managing director Doreen Kelly will retain a shareholding and remain in the business as part of the deal. As lead advisors to Beyond Limits, a team at PKF Francis Clark, comprising Dave Armstrong, Paul Crocker, Damian Lannon and Isaac Moore, worked with Doreen throughout the process of selling the business she founded in 2011.

They listened to what I wanted and helped me achieve this. They took time to get to know me and what was important to me.

Explaining how the deal came to fruition, Doreen said: “I was thinking about succession planning and how to gradually retire over the coming few years. Initially I was considering the possibility of a management buy-out (MBO) when my bank manager recommended speaking to Dave Armstrong at PKF Francis Clark.

“Dave set out the various exit options available to me and helped me decide on the right succession plan for my business. He then worked to help me find ethical investors to take Beyond Limits forward on the next stage of our growth journey, with an agreed timeframe for me to work towards retirement. He advised me on all aspects of the transaction, from preparing the appropriate information to finding an ethical investor, right up until completion.”

Dave Armstrong, corporate finance director at PKF Francis Clark, said: “When we met Doreen, she set us the challenge of helping her explore and decide on her exit plans. We considered a range of potential options, including a management buyout and an employee ownership trust, but given the healthy level of transactions in the social care sector we concluded that a trade sale would provide the best exit route, both in terms of value and structure.

“From the initial discussions with Tristone it became clear that the ethos and values of both organisations were aligned and that Tristone would be the ideal partner to ensure Doreen achieved the outcome she desired. Having explored alternative exit routes, our role was to lead the negotiations with Tristone on behalf of Doreen and, with the help of Austin Blackburn and his team at Nash & Co, help structure the transaction to ensure a successful completion.

“Thanks to the hard work and dedication of Doreen and her team, Beyond Limits has established itself as a growing, high quality operator in a challenging market, and we look forward to seeing this success continue with the backing of Tristone.”

I couldn’t have done it without the support from Dave and his team, and would recommend them to any business owners considering their exit options.

Tristone founder and CEO Yannis Loucopoulos said: “The quality of care at Beyond Limits is second-to-none and is reflected in its outstanding CQC rating. The management team operates at the very highest standard and, as such, there was a real meeting of values and vision. It has all the hallmarks of a business we love to invest in – one which is delivering outstanding care and support, has a great management team, clear opportunities for growth and strong financial fundamentals.

“Demand for services in the geographical areas in which Beyond Limits operates is extremely high and we will be supporting the management and staff teams to unlock sustainable growth and value and ultimately positively impact more lives.”

Reflecting on the support from PKF Francis Clark throughout the deal process, Doreen added: “I found Dave and his team to be respectful, pleasant and professional in their approach. They listened to what I wanted and helped me achieve this.

“They took time to get to know me and what was important to me, leading to the formation of a very productive working relationship. Tristone also said the team at PKF Francis Clark were a pleasure to work with, which made the acquisition easier for us all.

“From my point of view, I couldn’t have done it without the support from Dave and his team, and would recommend them to any business owners considering their exit options.”

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