Solent: MorleyandScott leads BIMBO

The Solent office of MorleyandScott has concluded the successful management buyin, buyout (BIMBO) of niche equipment hire business Already Hire.

In a deal led by partner John Foundling, MorleyandScott corporate finance has reunited a management team which first worked successfully together more than a decade ago and provided the platform for Already Hire to open another depot in Dartford.

Established in 2000 by Trevor Godwin, Richard Melville, and Charlie Patience – all of whom had previously worked for Eveready Equipment Hire before its sale to Jewson – the business has grown to become a £5 million turnover business operating from three sites around London.

The secret of Already Hire’s success has been its clear focus on providing unrivalled flexibility in the hire of plant and equipment to construction companies and trades people in and around London. It has also armed its clients with access to a cutting-edge extranet which means that they can monitor their account online.

The result has been the development of an extraordinarily loyal client base which includes construction giants such as Balfour Beatty, Bam Nuttall, PJ Carey and CCS Group.

The BIMBO, which was funded by Allied Irish Bank, has introduced Jim McKeogh to the board, who joins the team from Caterpillar Rental in Ireland, and delivered a structured retirement exit strategy for Already Hire co-founder Richard Melville.

The business’ continued success is a result of its focus, particularly on supplying contractors working on large scale infrastructure projects such as Heathrow Terminal 5, the 2012 Olympics, and City of London projects.

The key to the fundraising was an exceptional business plan developed in conjunction with MorleyandScott which has set out the strategy and opportunities for growth – the first of which has been achieved already with the opening of the new 12,000 sq ft depot in Dartford.

“Already Hire is a superb business,” said MorleyandScott partner John Foundling. “The team has worked together for a long time and the result is a very slick, successful operation. Jim’s previous working relationship with the management team means he has been able to slot seamlessly into the business.

“The team has a wealth of experience on which to draw and its focus on London means that it can respond quickly and effectively to individual requirements. I’m delighted that the business is now so well placed to continue its expansion programme.”

Jim McKeogh added: “John Foundling and Neil Budden, together with their MorleyandScott colleagues, did a great job steering the deal to completion. They knew as much about the business as anybody in the management team and the delivering of the business plan made our introduction to AIB seamless.

“I’m delighted to be working with such a great team again and we’re really excited that the first phase of our expansion plan has already come to fruition with the Dartford opening. Our focus now will be on delivering the quality of service our customers have come to expect and continuing to respond to them quickly and effectively.”

Claire Sheerin of Warner Goodman provided legal advice to the management team whilst Sue Robinson and Malcolm Head of the Head partnership advised the vendor. The Allied Irish team was led by London-based Kenny Dalby and Saffrey Champness provided due diligence to the bank.