Based in Somerset, Kingcombe Aquacare is a niche water civil engineering practice, specialising in all aspects of water-related projects.
After 25 years developing Kingcombe Aquacare into a successful business, the founders, John and Theresa Colton, were planning their exit strategy and preparing for retirement. Having failed in a previous attempted sale led by a specialist business sale advisor, the couple contacted Avondale to breathe life back into the project.
Avondale noticed early on in the process that a new, non-core product offering was subduing Kingcombe’s profits. By ring-fencing the accounts for this, as yet unprofitable, workstream, the team were able to ensure the true value of the business shone through. Advanced negotiations with two potential acquirers led to a buyer being selected by Kingcombe Aquacare, a specialist contractor to the water industry. However, the final stage of the discussions threatened to overlap with Kingcombe’s renegotiation of an important agreement with a key client.
Avondale’s team made sure the necessary securities were built into the transaction to avoid creating any delay, and the deal was completed within 24 hours of the original deadline. The Coltons were delighted with the final outcome. With Avondale’s help they had secured the long-term future of the business while also offering new opportunities to all their staff, some of whom had been employed for over 20 years.
“Theresa and I are immensely grateful to Avondale for your personal contribution to what, by any reckoning, was a very successful sale of Kingcombe. There were times when the deal could easily have fallen over, but Avondale’s patient nurturing of our relationship with Stonbury was absolutely critical to the successful conclusion.”
John Colton, Co-vendor, Kingcombe Aquacare