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PKF Francis Clark advised the owners of Nuts & Bolts Ltd on the sale of the business to United Tooling Solutions (UTS), part of the Exeter-based Troy UK group.
Based in Weston-super-Mare, Nuts & Bolts sells fixings and power tools, predominantly online as well as through its showroom. The family business has grown rapidly since it was incorporated in 2012, under the leadership of brothers Charlie and Jonathan Hart, who will remain involved following its sale to UTS.
A team at PKF Francis Clark, comprising Matt Willmott, Andy Killick, Tom Slade and Sam Phillips, worked with the owners to implement an employee incentive scheme, before helping to prepare the business for sale and advising them throughout the deal process.
Matt Willmott and his team took us under their wing and worked extremely closely with us from start to finish to make the whole process as smooth as possible.
Charlie Hart said: “When we first entered into talks regarding the sale of Nuts & Bolts Ltd, I was warned that this would not only be the hardest thing I had ever taken on in my life but it would also present challenges that would stretch even the closest of relationships.
“Quite simply, they weren’t wrong. But I can honestly say that Matt Willmott and his team at PKF Francis Clark took us under their wing and worked extremely closely with us from start to finish to make the whole process as smooth as possible.
“Just being on the end of a phone at whatever time of evening and always keen to iron out any difficulties that inevitably arose made all the difference. I would have no hesitation in recommending PKF Francis Clark to any business owners considering a similar journey.”
Having worked with Nuts & Bolts for over a year acting as lead advisors on the transaction, I am incredibly pleased for Charlie and his fellow shareholders on this successful outcome.
Nuts & Bolts supplies a wide range of tools and fixings to the construction and engineering industries, as well as retail customers, stocking brands including Festool, Makita, DeWalt and Bosch.
Matt Willmott, corporate finance director, said: “Having worked with Nuts & Bolts for over a year acting as lead advisors on the transaction, I am incredibly pleased for Charlie and his fellow shareholders on this successful outcome. We provided vendor assist services to prepare the business for due diligence and led negotiations to a successful conclusion.
“Nuts & Bolts has shown impressive growth in recent years, which is a testament to the team, and the acquisition by UTS represents a great opportunity for all involved.”
Find out more about PKF Francis Clark’s support for sales and acquisitions.