Poonam Kaur, acting on behalf of the shareholder, advises on the sale of independent tool stockists based in Essex and Hertfordshire.
Frank Howard Tools and Fixings Limited specialises in the supply of power tools, hand tools, fixings and building materials within Essex and East Anglia.
Founded by Frank Howard in 1988, he expanded the business from the back of a Fiat Uno, to latterly, having a shop front presence across three branches. The business turned over £10 million in the last year, despite covid lockdowns and supplier issues.
The business has been acquired by Ascot Capital Ltd, which was founded by Steve Brogan and Steve Pratt. Ascot Capital has enjoyed significant growth in 2021, having also acquired the Terratruck Limited and Site Safety Limited businesses earlier in the year.
The synergistic acquisition of Frank Howard Tools and Fixings will add to the number of branches across the group to eight in total. Ascot Capital is now looking to expand further by additional acquisitions.
Though Frank Howard will be taking a step back from the day-to-day operations, he will not be leaving completely, as he continues to have an interest in Ascot Capital as both a Non-Exec Director and shareholder. Frank’s son Phillip Howard will take the reigns as Managing Director of Frank Howard Tools and Fixings.
Frank said: “This is a good move for our business and the staff. The market remains very competitive and the strength the additional businesses adds to our current offer with a strong successful management team in place bodes well for a bright future. Congratulations to our team for showing what a good business we are. A great deal of thanks goes to Jo, Poonam and the excellent team at FDS for a job well done, outstanding support throughout the process.”
Poonam Kaur, managing director at FDS, led the deal, acting on behalf of shareholder Frank Howard, commented: “I have thoroughly enjoyed leading on this transaction, I always aspire to go over and beyond client expectations. It was essential to Frank that any succession planning protected the business he had built to date, Ascot Capital’s growth and vision assured Frank that this was the right home for his business.”
Also acting on behalf on Frank was Paul Trudgill, Corporate Partner at Knights, who provided legal support throughout the transaction.