A sewage, grease and waste-water management business has been bought out.
Serious, which is headquartered in Burton-on-Trent, has undergone a management buy-out after existing managing director Jeremy Proctor took over the business.
Mr Proctor, who has been running the business for the last four years, secured a £1 million loan to buy out the founding shareholders.
The deal means the management team can now invest in the business to implement its plans to grow by 50 per cent in the next two years and create up to 12 new jobs.
Mr Proctor said: “Having run the business for the last four years, the management team know what we need to do to grow.
“But to implement our plans and invest in the business, we needed to take ownership, take control of the business and put our plans into practice.”
Serious serves more than 15,000 commercial and domestic customers from six UK depots.
It’s big-name clients include pub giants Marston’s, Whitbread and Admiral Taverns and football clubs such as Everton FC and Wolverhampton Wanderers as well as local water authorities such as Cheshire East, Severn Trent Water and Scottish Water.
The management buy-out will allow Serious – which offers engineering, installation and project management services – to partner with Able Services PDM to offer a one-stop shop for all sewage, grease, drainage and waste-water management services.
SME credit fintech Caple supported the management buy-out with a £1 million long-term unsecured loan.
Dominic Buch, co-founder and managing partner of Caple, said: “Serious is a successful business with an excellent management team.
“To invest in the business, the team needed to be able to buy out the retiring shareholders. Our deal demonstrates how we can support a new generation of owners with the finance they need to innovate, implement their expansion plans, and drive growth.
“With the economy still recovering from Covid, we need to support this new generation of owners to provide the growth and jobs that the UK urgently needs.”
Roy Farmer, partner at Dains Accountants, advised Serious. This is the fourth deal Caple has completed with Dains.