A management buy-out has been completed at project management and cost consultant firm Back Group.

The deal, understood to be worth 拢4m, sees three directors take over from the firm鈥檚 founder David Back.

Duncan Berry, one of the three, said they planned to increase the company鈥檚 拢5m turnover by a third in three years. The business made a 12.5% profit in 2004 and employs 70 people.

Berry said: 鈥淭he three of us have been with the company for around ten years and we felt that growth in that time had been driven by us.鈥�

He added that David Back had 鈥渋nterests elsewhere鈥�, although he would stay on at Back as a non-executive director, advising in particular on strategy and business growth. Back owns property development company, Barteak.

The company will be renamed DBK Back to reflect the names of the new owners, who include Tim Downing and Steve Kelly. The trio will look at acquisitions to gain public sector expertise. Back has offices in Birmingham, London and Manchester.

Source

QS News