An entrepreneur who sold his roofing business in a multi-million pound deal six years ago has returned to the market by buying one of the oldest building maintenance firms in the North East.
David Tilley ran Ponteland-based D W Tilley for 24 years until he sold the business to support services group Mitie in a deal worth more than £7.5m in 2008.
Mr Tilley stayed on at Mitie - later known as Mitie Tilley - for the next five years before taking retirement.
But he was keen to return to company ownership once his restrictive covenants in Mitie had expired and has now completed the acquisition of Mitrepoint Ltd, which trades as Roofclad Systems.
He takes over a business with more than 35 years of history in the North East and the move will create 12 new jobs.
Roofclad Systems, which was established in 1978, will continue to trade under its existing name. It currently turns over £3.3m and employs 44 operatives and staff. All jobs will be saved as a result of the acquisition.
The owner of the business, Stewart Openshaw, said he was delighted to be able to leave the business in such capable hands beyond his retirement, which was the reason for the sale.
Phil Allison, currently senior contracts manager, who has worked for Roofclad for ten years, has been promoted to operations director and will be responsible for the day-to-day running of the business.
Mr Tilley said: “I heard about the opportunity through industry contacts and could not turn down the chance to acquire the oldest established roofing and cladding contractor in the North East.
“While Roofclad is trading strongly with some good contracts, I will be reviewing every aspect of its operations in the short to medium term.
“My first priority is to stabilise the business and after that, we can look at reorganisation before embarking on an expansion programme.
“I’ve been looking for the right opportunity to get involved in business again for just over a year and I’m more than ready to take on a new challenge.”
Mr Openshaw added: “David Tilley is really well known in the sector and we have watched the growth of his former business with interest.
“If he can deliver the same kind of business expansion opportunities at Roofclad in the future then I could not have left the company with brighter prospects.”