Moorhead to expand following sale to new owners

construction firm the Moorhead Group has been bought by Jonathan Prutton and Philip Horsnall of Croxden Capital Partners in partnership with the existing managing director, Colin Fitton, in an undisclosed deal.
By The Newsroom
Published 4th Jul 2016, 17:11 BST
Updated 4th Jul 2016, 18:12 BST

Funding to support the sale was provided by Allied Irish Bank.

Leeds-based Moorhead consists of two operating businesses, Moorhead Excavations and Moorhead Demolition.

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Moorhead Excavations provides services to the construction industry including bulk excavation, road haulage, tipping facilities, crushing & processing, aggregates supply and site remediation.

The firm said that Moorhead Demolition provides a one-stop shop for site preparation works.

The current owners, Ken and Wendy Moorhead, are exiting the business to retire.

Mr Prutton and Mr Horsnall will become non-executive directors of the company and will retain the current managing director Colin Fitton, who will continue in his role at the helm of the business.

Moorhead employs 50 people and has a turnover of £8m.

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Mr Prutton said: “Moorhead Group has been trading very strongly and we are very optimistic about its future growth. The rise of the Northern Powerhouse and resurgence in the construction sector makes this a very exciting time to be working in the region and this industry sector.

“Colin has worked for the firm for over 30 years and we are pleased that he will continue in his role as MD of the group. This means it is very much business as usual for Moorhead’s customers and suppliers.

“Philip and I are delighted to have acquired the business and look forward to growing it through further acquisitions and organic growth to the benefit of our customers and the whole Moorhead team.”

Mark Billington, head of the Leeds Business Centre at Allied Irish Bank and his colleague Matthew Fannon, relationship manager worked together on the deal.

Advisers included Patrick Abel at Hart Shaw in Sheffield, Dan McCormack at Lupton Fawcett Dennison Till and legal advisers to the purchaser, Mike Copestake at Freeths.