Car valeting and preparation service provider Motorclean has been acquired in a management buyout deal supported by a £13m funding package from HSBC.
Company directors Paul Cranwell, John Hammond, David Warren and Kevin Finn now own the business’s parent company, Fullfield, after its previous owners decided to sell the business.
The multimillion-pound deal for the business, which was established back in 1984, was arranged by advisory firm JDC Corporate Finance.
A statement issued on behalf of HSBC Business, said that the MBO would allow Motorclean’s new owners to focus on “growing the business organically by building new relationships with automotive dealerships, auction houses and motor retailers across the UK”.
Speaking on behalf of the new joint managing directors, David Warren said: "Thanks to HSBC UK’s funding and the support from JDC Corporate Finance, we are now able to focus on growing Motorclean's presence in a number of new locations across the UK and expand our current client base.
“We are really excited about the opportunity we now have to take the wheel of the company and really drive it in the right direction."
Jason Smithers, HSBC UK's area director for Essex, Suffolk and Cambridge, said: "The directors have a clear idea of what they want the future of the business to look like and, with a well-established presence in the market and the team's industry expertise, the company is in a strong position to grow substantially over the next few years."
Chris Adlam, director of business growth services at JDC Corporate Finance, said: "We are delighted to have led and secured this deal for the management team which creates real value for the Essex economy and is further evidence of the innovative solutions we are providing to clients across the Eastern region."
HSBC Business said in its statement that Motorclean is an “award-winning vehicle preparation service” which offers quality valeting, cosmetic detailing and repairs from its 25 locations nationally.