One of the North West’s leading estate and lettings agent Regan & Hallworth is investing in its future after undergoing a Management Buy Out (MBO), led by Directors Andrew Herterich and Joel Edgerton.
A six-figure loan has been provided from NPIF II – FW Capital Debt Finance, which is managed by FW Capital as part of the Northern Powerhouse Investment Fund II (NPIF II). The funding enabled the management team to acquire the business and invest in its future with additional working capital.
Regan & Hallworth specialises in selling and letting properties in Wigan, Standish, Leyland, Chorley and Parbold as well as surrounding areas of West Lancashire, The business employs 16 staff with a head office on Library Street in Wigan and two offices in Standish and Parbold.
Established in 1996 the business was originally a partnership set up by Amanda Law (formerly Hallworth) and Andrew Regan, the latter left the business seven years ago and saw Andrew Herterich and Joel Edgerton take a small ownership share. Today’s MBO sees Amanda Law retire and full ownership move to Andrew and Joel. Both have worked for Regan & Hallworth for over 20 years.
Andrew Herterich, Director at Regan & Hallworth said: “Taking ownership of the business was a natural progression for Joel and I, giving us the opportunity to be the captains of our own ship. Regan & Hallworth is a leading independent estate and lettings agency that has achieved considerable success. We’re now focused on maintaining this success and continuing to work hard to grow the business. Without the support from Steve Molyneux at FW Capital this deal wouldn’t have happened. Steve was brilliant, he was on hand to talk to us on a daily basis to ensure the smooth completion.”
Steve Molyneux, Senior Investment Executive at FW Capital said: “Regan & Hallworth is a very well-established business that is a market leader in its field locally. We’re excited to back a highly experienced and ambitious management team and look forward to supporting Andrew and Joel’s growth journey moving forward. The MBO is an exciting step forward for the business and the NPIF II investment has assisted this as well as the provision of working capital to support continued growth. Supporting North West businesses to realise their ambitions and drive forward business success is exactly what the NPIF II funding has been created for.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
