FMJ Facilities Management magazine providing industry-specific intelligence to FM and property professionals
GI Sykes, a Midlands-based commercial contractor that works on many high-profile retail developments is set for growth following a seven-figure management buyout.
The third-generation family business based in Stourbridge, was established in the 1940s by Richard Sykes as a painter and decorator, and took advantage of the post-war housing boom to expand its services. GI Sykes now employs 40 permanent staff and dozens of independent contractors, delivering specialist coatings for cladding, roofing and flooring as well as carrying out general building work, maintenance and repairs.
Clients include local authorities, developers, private landlords and commercial property agents. GI Sykes carries out work on many high-profile developments such as Harvey Norman’s flagship store at Merry Hill, MacArthur Glen Designer Outlets, River Island, Home Bargains and McDonalds restaurants.
The company has secured a £720,000 funding package, with half coming from Mercia’s SME Loans Fund to support the buy-out, and the remainder from the Midlands Engine Investment Fund II, through its appointed fund manager Frontier Development Capital, to support the future growth of the business.
The buyout gives control of the business to the existing management team led by Richard Downs, who becomes Managing Director, and including fourth-generation family member James Sykes – Operations Director, Anthony Bennett – Contracts Director, and Dan Westbury – Commercial Director.
Downs commented: “The Sykes family have built a great business with a solid reputation and we are proud to be taking over the reins. We want to maintain the family business ethos, which is all the more relevant as some of our employees now have their own children working in the business.
“We will continue to provide the same first-class service to existing clients while seeking opportunities to expand our service lines and client base. We aim to achieve steady growth, while continuing to support our loyal workforce and, through our apprenticeship scheme, nurture a new generation of skilled tradesmen in the region.”
Ryan Cartwright of Frontier Development Capital added: “GI Sykes is a great business and an important local employer, not only in terms of its direct workforce but also the work it provides for independent contractors in the region. The buy-out will secure its future and enable the existing management team to pursue their growth plans to take the business forward.”
The deal provides an exit for brothers Richard and Jason Sykes, the grandsons of the founder, though they will continue to work with the business as consultants.
FMJ has partnered with Watco to deliver a webinar on Thursday 30th January where we will be grilling a panel of experts on how facilities managers can maintain a safe workplace while balancing shrinking budgets.
The webinar follows the Lifting the Lid report series that the industrial paint and repair products specialist has been developing over the past few years based on research conducted with FMs across the UK. The research explored core responsibilities of the FM role, including how they have evolved in the past decade, and the associated challenges to manage.
Watco’s Sales Director and key contributor to the reports, Chris Budd, will be joined by a panel of experts including Phil Pinnington, Head of Audit & Consultancy at the British Safety Council, Nick Bray, Head of HSEQ, ISS UK and Ireland and Jenni Gallop, Director of Estates and Facilities at Provide Community.
With decades of combined experience in the introduction and management of health and safety in complex, demanding environments, the panel will provide the audience with recommendations broken down into steps that can be introduced immediately.
The panel will discuss the research data from FMs across the UK, the evidence they have seen of those experiences across industries and their first-hand recommendations on how to manage those challenges and ease the pressure.
Click here to sign up for the webinar.
