Senior management team have become majority shareholders in the London-based business
Directors at fit-out and refubishment specialist BW have completed a management buy-out of the business.
The deal gives the firm鈥檚 chief executive Steve Elliott and four directors - finance director Andrew Bradley, customer experience director Rob Frank, pre-construction director Colin Ogden and sales & marketing director Anthony Brown - a majority shareholding of 60%.
BW鈥檚 founders and co-owners Craig Foster and Mark Richards retain a combined minority stake of 40%.
Known as BW Interiors until last year, the firm posted revenue of 拢100.5m and a pre-tax profit of 拢2m for a 15 month period ended 31 December 2016, having previously reported a revenue of 拢100.2m and pre-tax profit of 拢2.7m for the year ended 30 September 2015.
A spokesperson for BW said the firm was targeting a revenue of more than 拢150m for the current financial year.
Established in 2000 BW currently has 180 employees and operates in the commercial and higher education sectors, primarily in London and the south-east.
Recent projects include a revamp of Amnesty International鈥檚 52,000 sq ft Clerkenwell office and the fit-out of online trading firm IG Group鈥檚 30,000 sq ft east London base.
In 2016 the directors received remuneration, including pension contributions, of 拢2.5m, up from 拢1.5m in 2015.
The spokesperson said: 鈥淏W鈥檚 17-year track record has seen it become a significant player in the UK fit out and refurbishment sector with a growth potential based on defect free completion, market-leading service delivery, strong cash flow, and a strong brand advantage.鈥�
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