Three directors, led by co-founder Ashley Davies, have completed the management buy-out of Bridgend-based A&R Services. Ashley is joined by 25-year-old Chloe Stanford who first joined the company as an apprentice at the age of 18, and operations manager Dora Vasarhelyi.
The deal was funded by the Development Bank of Wales with a loan and equity investment package from the Wales Management Succession Fund and Wales Business Fund. With a background in finance, Ashley is a co-founder of A&R Services while Dora first joined as a commercial cleaner in 2014 before progressing to become a commercial manager then operations manager.
First established in 2010 as a small ironing business, A&R Services now employs over 350 people and has a turnover in excess of £4 million. The company provides commercial cleaning, bio-misting, pest control and security services to industry, leisure, education and the healthcare sector across Wales.
A&R Services was named Business Service of the Year at the 2021 Cardiff Life Awards and was short-listed for the fifth consecutive year at the 2021 Fast Growth 50 Awards.
Co-founder Rayner Davies said: “We’ve worked incredibly hard to build the business over the last ten-year period and I’m very proud of all that we have achieved. It’s been a team effort so I’m particularly pleased to see how Chloe and Dora have progressed as part of our succession planning. Ashley’s financial knowledge has been integral to steering the business and I know that the team has certainly got the knowledge and the passion to continue to deliver the high quality service that A&R is known for and maintain employment for our team as I look to pursue other business interests.”
Ashley Davies said: “I am very proud of what A&R has achieved to date and we are very grateful to Rayner as she has helped to build a sustainable business with great foundations. The future of the business is very exciting, I am looking forward to working with the new management team who have played a major part on our story to date, and who will now play an even greater part in our future. I would also like to thank the Development Bank and the teams across the GS Verde Group for their support throughout this transaction and for their help to make it possible.”
Chloe Stanford added: “I left school in 2015 with very few qualifications but I’ve been given the support and encouragement that I needed to flourish in the world of work. We’ve got a great team at A&R Services and I’m really proud to be working alongside Ashley and Dora to take the business forward with the support of the Development Bank as our funding partners. It’s an amazing opportunity that just goes to show how hard work does pay off.”
Tom Rook of the Development Bank of Wales said: “The purpose of our Wales Management Succession Fund is to help support succession planning by funding the buy-out of shareholders that are ready to exit a business. The management team has built an incredibly successful business and we’ll now work alongside Ashley, Chloe and Dora to provide ongoing support to ensure the continued success of A&R Services.”
A&R Services was advised by dealmaking business the GS Verde Group, who supported the business throughout the transaction.