A County Durham company is to expand its reach on the back of an investment deal.
Based in Crook, Buston & Maughan (B&M), which was launched in 2005 by former gas engineers Mick Buston and Mick Maughan, and has established itself as a one-stop shop for all kinds of house repairs, installation and maintenance, including heating installations, property refurbishment, servicing and void works for social housing.
Over the past two decades the company has scaled its operations significantly. During this financial year it has installed more 5,000 boilers, served more than 11,500 properties, and held around 50% market share of heating installations in its core region.
Now the company is looking to expand its geographic reach on the back of investment from Foresight Group. The company sought the investment, the value of which has not been revealed, to “accelerate its geographic expansion, professionalise operations, and deepen its contractual reach”.
Foresight’s backing will enable B&M to build on its strong business foundations and capitalise on growing investment in social housing standards and retrofit demands across the North.
Foresight will also play an active role in the firm’s strategy, introducing a chairperson and strengthening the leadership team. The investor will also support the company in talent development, procurement efficiency, and sustainability initiatives including apprenticeship programmes and carbon reduction strategies.
Mick Buston, CEO and co-founder, said: “Over two decades we’ve built B&M on a foundation of integrity, compliance-led technical excellence, and client focus.
“Partnering with Foresight gives us the platform and capability to scale further, reach new territories, and deliver more impact for our clients and communities.”
Tavia Sparks, investment director at Foresight Group, said: “With its strong fundamentals, a clear growth trajectory, and a proven team, B&M exemplifies the kind of regional business we look to partner with.
“We believe the demand for high-quality social housing refurbishment and heating infrastructure will remain robust, and we’re excited to support Mick Buston, Mick Maughan and their team in this next chapter.”
The investment has been made from the Foresight North East Fund, which was launched in 2022 and made possible by £18m from Durham County Council’s Pension Fund.
Coun Chris Fairs, chair of Durham County Council’s pension fund committee, commented: “We provided £18m for the Foresight North East Fund, to invest in exciting small local businesses, support economic growth and job creation.
“This latest investment into a County Durham based business is a great example of the Fund supporting a local company in its growth journey, and is also in line with our commitment to supporting companies on our doorstep and achieving social value, through our County Durham Pound initiative. Foresight has a strong team in the North East, and it’s great to see its continued and growing commitment to this region.”
Foresight said it invests in promising growing companies, providing equity or debt to meet the needs of founders, management teams and specialist lenders wherever they are on their journey.
It works with the growing companies it supports to enable founders and management teams to build resilient and prosperous companies to deliver strong economic
returns and to have a positive impact on the societies in which they operate.
Advisers to the company were FRP and Knights, while Foresight’s advisors were Translink, Muckle, Catalysis, Gallaghers, KrytoKloud and PMSI.
