Belfast Telegraph

Wednesday 1 October 2014

Company's plans for expansion are boosted by buy-in

A company that employs 2,800 people in Northern Ireland has said its expansion plans have been bolstered following a management buy-in.

Resource Services Group has announced the completion of the buy-in as well as two Northern Ireland work contracts worth around £4m.

Ray Foran, who manages Resource's operations on the island of Ireland, is in the buy-in team along with the other board members and a number of senior managers in the group.

Chief executive Dave Seaton is leading the process.

Mr Seaton told the Belfast Telegraph the acquisition of the group's equity meant the company now had "the capability, the footprint and the robust balance sheet position" to allow it to pursue a strategy of "organic growth".

He said: "Northern Ireland is the territory where we have the biggest footprint already and there is excellent potential here for future growth.

"The way the business was structured before was stifling our ability to go after big contracts and restricting growth potential."

Resource was formed in 2006 following a previous buy-in, which saw a management team take over and rebrand Ballymena-based Maybin Support Services NI.

The company expanded by acquiring a number of other services firms in the UK and the Republic, leaving it with large debt commitments.

The latest equity restructuring, supported by Anglo Irish Bank, has improved Resource's debt gearing.

Mr Seaton said: "Over the past couple of years, the task of the current management has been to complete the integration of the group's previously acquired companies, enhance the group's processes and shape the strategic direction of the business."

Resource has announced two business wins in Ulster - a two-year contract worth over £2.5m to provide cleaning services for 230 Northern Ireland Civil Service premises, plus the renewal of a £1.5m three-year cleaning contract with Queen's University Belfast.

Outsourced services the firm provides include security, guarding, cleaning and infection control in both the private and public sector. Resource (NI) also counts the Northern Ireland Courts Service and PSNI among its clients .

£4m

The value of two new contracts awarded to Resource recently

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