A Sheffield company that was on the brink of closure four years ago has just made its largest acquisition yet and is heading for further growth.
Attercliffe-based automotive parts company Universal Components UK has acquired wholesale commercial vehicle parts distributor Pollard Beaumont, which has operations in Sheffield, Lancashire and Greater Manchester.
The deal is the third acquisitio
n Universal Components has made since it was bought by Gary Hadley, after previous owners, the RAC, called him in by to find someone to take on the loss-making company or close it down.
Mr Hadley brought in former Carlco executive David Kernahan as managing director and the duo turned around the business, which supplies a range of more than 9,500 parts for large commercial vehicles.
Universal Components re-focused on sales, invested in new people and staff training, developed a thriving export business, selling to more than 30 countries, and has made a number of strategic acquisitions.
The Pollard Beaumont deal, which is for an undisclosed sum, is Universal Components' third and largest acquisition over the past three years.
It will increase the group's turnover from £13.5m to £18.7m, boost profits, add new products to its range and extend the company's geographical spread.
Pollard Beaumont co-founder Peter Beaumont, and all Pollard Beaumont staff, will continue to work for the company, while the other founder, John Pollard, will continue as a consultant to the group.
Gary Hadley said: "The acquisition of Pollard Beaumont brings real advantages to us and our customers in terms of increasing the range, availability and depth of our products.
"We are still on the acquisition trail and are looking at a number of other companies that will offer us strategic advantages as well as growth. We are on target to achieve the milestones that we have set for the business over the next five years and aim to grow turnover to £25m plus within this period."
Law firms Schofield Sweeney and Gordons advised Universal Components and Pollard Beaumont, respectively.
Chris Schofield, of Schofield Sweeney, said: "As a corporate finance lawyer I get to see the operation and strategy of numerous businesses and this turnaround has been one of the most dramatic and personally satisfying that I've witnessed.
"Gary Hadley and David Kernahan have a very clear vision of where they want to take this business and the skills, motivation and work ethic to make it happen."
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