Buy-in ‘vote of confidence’ for Resource

The management of the Leeds-based firm, led by chief executive Dave Seaton, has acquired the group’s equity held by the previous investors and improved the group’s debt gearing in the process.

Mr Seaton said the restructuring would enable its growth plans to accelerate. Resource specialises in policing and justice services, hospital infection control, the education sector and private sector outsourcing.

He said the firm had been supported by Anglo Irish Bank in developing a new equity structure. “I believe completion of the buy-in represents a solid vote of confidence in our ability to take the business forward at a time of significant growth opportunities,” he said.

New business wins include a £2.5m two-year cleaning contract for 230 Northern Ireland Civil Service premises and a £1.5m three-year cleaning contract with Queen’s University Belfast.

The rest of the buy-in team included five members of the group board as well as other senior managers.