A Fife-based decorating group has completed a management buy-out as it targets rapid expansion.
Bell Group has received a seven-figure loan from HSBC to support the change of ownership.
The firm counts a base at Kirkcaldy’s Mitchelston Industrial Estate among its eight Scottish branches. It employs a total of 1,600 people across the UK.
Under its new stewardship, Bell Group has a five year growth plan. This includes plans to complete acquisitions, diversify services and improve business operations.
Chief executive Craig Bell said: “We have seen a real step change in the work we’ve completed over the last six months. We’re very excited about the future.
Back in 2018 we carried out the restoration and redecoration to The Hilton Waldorf Astoria in Edinburgh. We restored the cast iron structure back to the original Caledonia railway colours as the gates were the original entrance to Princess Street Rail Station. pic.twitter.com/w7PyF5N6hs
— Bell Group (@BellGroupUK) February 25, 2021
“The pandemic understandably slowed our growth over the last year, but our forecasts for this year are very strong.
“As new owners we’re excited to continue to build on the legacy of our predecessors over the past 37 years.
“HSBC UK have been a supportive partner for Bell Group for over 10 years and their continued backing means we can set out new plans for this year and beyond.”
The company forecasts turnover of £150 million for 2021, building on its average year on year growth of 15%.
Work for Royal Family
Its customers include NHS Trusts, Ministry of Defence, housing associations and local authorities. It has worked for the Royal Family, on a number of historic buildings and now has a service to decorate homes.
The business was founded in 1984 as Collins and Bell Ltd and initially operated in Scotland’s central belt. It remains headquartered in Airdrie and now has 31 UK branches.
Scott Wilson, deputy head of corporate banking in Scotland at HSBC UK, said: “Bell Group is a great Scottish business success story, having built up impressive growth over many years.
“The management buy-out marks an exciting and pivotal moment for the company.
“We have been delighted to support this process and help set the group up for the years to come.”
Other major customers for the firm include BT, Barratt Homes, Scotrail and the National Trust.