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The leading building and plumbing merchant has been split in an astute transaction ensuring continued family-ownership of part of the business.
Fieldfisher has advised a major shareholder of Oxfordshire-based building and plumbing merchant John Nicholls (Trading) Limited on the management buy-out (MBO) of the business' plumbing and heating division.
The lightside products and services part of the business is being taken over by the senior management team including existing chairman Andrew Nicholls – son of the company's late chairman John Nicholls who founded the company in 1965.
The MBO team will continue to run the business under its original name and intends to grow its plumbing and heating services from the company's 15 sites across the midlands and Dorset, which were included in the MBO.
The Fieldfisher team advising Mr Nicholls on the structuring and completion of the MBO was led by Birmingham Corporate Partner Graham Muth, assisted by Fieldfisher Corporate, Banking and Tax specialists.
Commenting on the deal, Graham Muth said:
"It has been a pleasure bringing this transaction to a satisfactory conclusion for our client and ensuring the future of this highly-respected brand and family business.
"This is the type of business transformation project we specialise in and I am delighted that we could provide a bespoke solution for Mr Nicholls."
Andrew Nicholls added:
"This transaction paves the way for an exciting new chapter for highly-respected name in the building services industry. We see significant opportunities to expand John Nicholls as a leading plumbing and heating specialist in the UK.
"We are grateful to Graham and his team Fieldfisher for facilitating this deal and helping us devise a way to ensure the continued success of the John Nicholls brand."