Safespaces acquired by investment firm

Todmorden-based Safespaces, which specialises in the design, manufacture and supply of safe rooms and high-sided beds for individuals with complex needs, has been acquired by Euston Ventures.

The full share sale full share allows directors Jill Morony and Sue King to retire.

They launched the company in 2001 and have worked with families and healthcare professionals to develop a range of products catering for people with complex needs such as learning disabilities, autism, epilepsy and challenging behaviours.

Safespaces’ products are used in family homes, schools, hospitals, respite centres and for travel. The firm, which employs a team of 33 people, also offers bespoke rental and cleaning services.

Euston Ventures is an investment company that has acquired a range of specialist B2B companies, predominantly in the manufacturing, engineering and industrial products markets.

Euston said that it was attracted to Safespaes due to the important role its products play in changing the lives of the young people and their carers, as well as the professionalism and integrity of the Safespaces team and the strong relationships the company has built up with healthcare practitioners across the UK and globally.

Jill Morony said: “Safespaces has been a very important part of my life. We set the business up from scratch and have achieved so much since its inception.

"I am so proud of what we have accomplished and of the amazing team who are so hard-working and passionate about the work that we do. It is for that reason that it has been an incredibly hard decision to pass the baton on." 

Sue King continued: “We have entrusted Max Silver and Euston Ventures with the next stage of the Safespaces’ journey, I am sure they will continue to provide the high-quality product Safespaces is renowned for and take very good care of our fantastic team."

Blackburn-based PM+M led the sale with corporate finance manager Ryan Bilsborough engaging in a proactive and targeted marketing process which maintained confidentiality, as well as handling a full negotiation process with multiple interested parties.

Ryan Bilsborough commented: “We generated significant buyer interest in Safespaces which resulted in multiple attractive offers – we had initial contact with the successful bidder, Euston Ventures, within two days of exercising our targeted marketing campaign, subsequently accepting their offer within eight weeks of commencing the sales process."

Jane Parry, head of tax at PM+M, provided full tax support including post-sale, whilst client service partner Nigel Wright delivered accountancy, tax and due diligence support services, having looked after Safespaces since 2009.

Other advisers included Rebecca McCann and Jaime Penaluna from Forbes who advised Safespaces on the legal aspects of the transaction. Ensors advised Euston Ventures on due diligence matters and Ashtons Legal acted as their solicitors.