UK: Tom Hannaby has completed the “seven figure” management buy-out of Caerphilly-based contractor CB Refrigeration.
Having joined the business just four years ago, Tom Hannaby will work alongside directors Jason Beament, Andrew Hall and Simon Beament as managing director and majority shareholder.
Founded in 1968 as a small family business, CB Refrigeration initially supplied and serviced commercial refrigeration equipment. Directors Jason Beament, Andrew Hall and Simon Beament acquired CB Refrigeration in 2016 and have since developed the business alongside their electrical installation company, Ayjay Group. Together, they now provide a full refrigeration and air-conditioning turn-key solution.
With continued growth since 2016, CB Refrigeration now specialises in the design, installation and maintenance of bespoke refrigeration solutions for a diverse range of sectors across the UK.
These include retail, hospitality, industrial and pharmaceutical. As managing director, Tom Hannaby will lead the team of 20 staff to deliver further growth.
Hannaby cut his refrigeration teeth at SK Heating & Cooling, spending nine years at the Gloucester-based company, latterly as service manager. He spent three years as operations manager at Flowrite Services, before joining CB Refrigeration in the same role in 2016.
“From day one of joining the business, I have worked closely with the directors to make the right investments to deliver our long-term goals. We’ve remained focussed on delivering our growth strategy and sourced the expert help of an excellent advisory team to ensure that we had the right support and headroom to grow,” Hannaby said.
CB Refrigeration group director Jason Beament confirmed the Hannaby had played a key role in transforming the organisation over the last four years, introducing new ideas and efficiencies that had improved performance and market share.
“With the help of our advisors we’ve been able to develop and deliver an exit strategy that ensures absolute continuity for our staff and customers. Our ongoing support as directors means that we will continue to work closely with Tom and the new management team as they prepare for the next phase of growth,” Beament said.
Funding for buy-out was provided by the Development Bank of Wales with specialist succession planning support provided by Mervyn Ham of Iridium Corporate Services.