Pierce Corporate Finance advise on buy-out of electrical wholesaler

Rebecca Pickering Sam Lomax Andy Moulds

A team of North West advisers acted on the seven-figure management buy-out of an electrical wholesaler.

AA Jones Electric of Hull, founded in 2009, is now one of the region’s leading independents.

The buy-out gives control of the business to co-founder Andy Moulds, the sales director, and long-standing employee Sam Lomax, who becomes managing director.

It will allow for the retirement of one of the founders, Ian Wayman. The third founder, Tony Moore, will retain a stake in the business and continue in his role as finance director.

Pierce Business Advisory and Accountancy Group of Blackburn provided corporate finance and tax advice to the company, while WHN Solicitors of Bury provided legal advice. The deal was backed by funding from Mercia Debt.

AA Jones employs 20 staff at its premises on Hull’s Venture Business Park and serves both the public and trade buyers. It supplies electrical equipment for domestic and commercial use, as well as industrial automation and controls. 

The company acquired an adjoining distributor, Seltec Automation, in 2022 which is now fully integrated.

It currently stocks over 12,000 product lines and offers specialist advice on factory automation or for projects required to meet building or health and safety standards.

Having recently introduced new lines such as solar lighting, EV chargers and smart building technology, it plans further to extend its range of renewables and industrial cables.

AA Jones has secured a £1m funding package, with half coming from Mercia’s SME Loans fund to support the buy-out. NPIF II – Mercia Debt Finance, which Mercia manages as part of the Northern Powerhouse Investment Fund II (NPIF II), also provided £500k to support the growth of the business following the management buyout.

It will provide additional working capital to enable the company to increase stock levels and create around five new jobs in the next two years.

Paul Bennett of Pierce said: “It was a pleasure to work with the team at AA Jones to structure a transaction that allows the management team to take the business forward and look forward to seeing the business continue to grow over the coming years.”

Sam Lomax, managing director, said: “Tony and Ian have built a very successful business with a dedicated and experienced team. Having joined the company 13 years ago, I am very grateful for all the support and opportunities they have given me.

"I am proud to be taking on the role of managing director and look forward to working with Andy and the team as we continue to grow the business.”

Rebecca Pickering of Mercia Debt, said: “AA Jones is well respected in the industry. It sets itself apart from the big chains by its customer service and knowledgeable staff and despite tough competition, has continued to grow revenues. We are pleased to have been able to support the buy-out and provide funding for its future growth plans.”

Lizzy Upton, senior manager at the British Business Bank, said: “The future of the electrical industry is bright, with the likes of solar lighting and EV growing in popularity amongst consumers. It is great to see Yorkshire & Humber businesses like AA Jones Electrical making use of NPIF II funding to capitalise on this, supporting its future growth and supporting the Northern economy.”

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunities 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 helping to break down barriers in access to finance.

Enjoyed this? Read more from Pierce CA Ltd

Latest news

1

Fylde Council extends Enterprise Zone Development Order to boost economy Lancashire Advanced Engineering and Manufacturing Enterprise Zone

Fylde Council extends Enterprise Zone Development Order to boost economy

18 Feb 2025

2

Edge Hill University secures government grant to drive scale-up of international food exporter Peter Hughes, Director left and Frank Roue Director right

Edge Hill University secures government grant to drive scale-up of international food exporter

18 Feb 2025

3

Innovate Lancashire increases business engagement capacity to accelerate county’s innovation growth Natalie Wilson Hannah Churchman Trudi Waldram

Innovate Lancashire increases business engagement capacity to accelerate county’s innovation growth

18 Feb 2025

4

MP says the Lancashire and Cumbria Institute of Technology will be vital in meeting county’s housing needs Maya Ellis MP With Mark Taylor In The Engineering Department CREDIT Callum Pilkington

MP says the Lancashire and Cumbria Institute of Technology will be vital in meeting county’s housing needs

18 Feb 2025

5

Blackburn College lights up CyberFest with a focus on next-generation cybersecurity Umayr Mir talks a visitor through The BLIS Suite

Blackburn College lights up CyberFest with a focus on next-generation cybersecurity

17 Feb 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Skills Bootcamp in Procurement - Cohort 3
Blue-Modern-Land-Travel-Youtube-Thumbnail-2-1024x576.png.png
LBV Hub Awards
14 Jan 2025 - 18 Mar 2025

Skills Bootcamp in Procurement - Cohort 3

Community & Business Partners CIC, Blackburn, BB2 3UA

09:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

Understanding & Preventing Sexual Harassment - Creating Safe & Respectful Workplaces
Supporting Women's Health in Your Teams A Path to Success-3.png.png
LBV Hub Webinar
21 Feb 2025 - 21 Feb 2025

Understanding & Preventing Sexual Harassment - Creating Safe & Respectful Workplaces

*, Online, *

12:30 - 13:30

Choose Chorley for Business Event - Celebrating Chorley's diverse economy, companies, and success
Choose Chorley event
LBV Hub Networking
21 Feb 2025 - 21 Feb 2025

Choose Chorley for Business Event - Celebrating Chorley's diverse economy, companies, and success

Park Hall Hotel, Charnock Richard, PR7 5LP

14:00 - 17:30

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Better People Management Workshop
Business Breakfast.jpg.jpg
LBV Hub Seminars
26 Feb 2025 - 26 Feb 2025

Better People Management Workshop

The Jimmy Arnfield Suite Lancashire Football Association, The County Ground, Thurston Road, Leyland, PR25 2LF

10:00 - 15:30

Women's Health champion training
Supporting Women's Health in Your Teams A Path to Success-6.png.png
LBV Hub Webinar
26 Feb 2025 - 26 Feb 2025

Women's Health champion training

*, Online, *

10:00 - 16:00

Level 3 Emergency First Aid at Work Course - In Person
RKMS ACADEMY LOGO - BLACK AND ORANGE.png.png
LBV Hub Webinar
26 Feb 2025 - 26 Feb 2025

Level 3 Emergency First Aid at Work Course - In Person

RKMS Group , Blackpool, FY42DP

09:30 - 17:00

Employment Law, Tax and Payroll Update - East Lancashire
PM and M event
LBV Hub Seminars
26 Feb 2025 - 26 Feb 2025

Employment Law, Tax and Payroll Update - East Lancashire

Accrington Stanley Football Club, Accrington, BB5 5BX

08:00 - 10:00

Preston Freelancer Meet-Up: February
Freelancer Meet-Up Feb.png.png
LBV Hub Networking
26 Feb 2025 - 26 Feb 2025

Preston Freelancer Meet-Up: February

Society1 Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Kickstart Networking - Crazy Golf at Level, Preston
Kickstart Crazy Golf.png.png
LBV Hub Networking
27 Feb 2025 - 27 Feb 2025

Kickstart Networking - Crazy Golf at Level, Preston

Level, Preston, PR1 1HT

16:00 - 18:00

StackedX with PM+M and CFO Techstack
LBV Hub Seminars
27 Feb 2025 - 27 Feb 2025

StackedX with PM+M and CFO Techstack

Red Hall Hotel, Bury, BL9 5NA

08:00 - 10:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV120 Online Graphic 1
Subscribe now

Weekly news bulletin