An Ebbw Vale estate agency has been acquired in an all-female led management buyout.
Backed with a loan from the Development Bank of Wales Melissa Price, Laura Robinson, and Sara Williams, have acquired Bidmead Cook.
The new owners bring more than 30 years of experience with the company, having worked for founders Alan Bidmead and Jeffrey Cook who first set-up Bidmead Cook more than 20 years ago .
With the founding directors stepping back, the management buyout ensures continuity for clients and the local property market.
The new owners, who will continue to trade under the Bidmead Cook name, have taken over the Ebbw Vale branch along with its assets, existing client base and supplier relationships.
They said: “The timing of the opportunity to buy the business worked out well for all three of us. We’re all ladies of a similar age with families and children, and had come to that point in our careers and our lives where we were each looking for future security, along with a good work-life balance. But at the same time, we didn’t want to walk away from a business with a well-known reputation, which has been built up by the hard work and commitment we’ve put in personally.â€
The support we had from the Development Bank of Wales meant we were able to capitalise on the opportunity to take the business on, and we’re looking forward to building on our reputation, exploring wider opportunities and building our relationships with developers locally.â€
Claire Vokes, senior investment executive at the Development Bank of Wales, said: “It was a pleasure to support Sara, Melissa and Laura in their acquisition of the Ebbw Vale office of Bidmead Cook. They bring years of combined experience, contacts and client relationships to their new roles as directors, with clear growth plans in mind, while retaining existing relationships in the local market.â€
The micro loan for Bidmead Cook came from the £500m Wales Flexible Investment Fund. Financed by Welsh Government, the Fund is for deals between £25,000 and £10m.
