Acquisition opportunity: Luckywheel Limited (in Administration)

Thu 10 May 2018

This is an opportunity to acquire the business and assets of a leading contractor of exterior facades in Greater London and the South East with a turnover of £8m.

Luckywheel Limited designs, manufactures and installs full exterior facades for both residential and commercial projects. It works with a number of well-regarded national developers in the South East and Greater London.

The Company provides an enveloped project management service from the design phase through to the final installation of their product, including manufacturing capability of various architectural metalwork.

Luckywheel Limited entered Administration on 3 May 2018 and continues to trade under the direction of the Administrators.

Its key assets include a substantial order book (including future value of works on projects in hand) of £5.9m, with an additional £19m of work tendered for; freehold manufacturing and office facilities; manufacturing equipment and work in progress.

Turnover and EBITDA for FY18E (3 months actual plus 9 months forecast) are forecast to grow by 42% or £2.38m and 16% or £126k respectively from the prior year. This is based on contracts won to date and an estimate of those out for tender. The compound annual growth rate for the period FY15A to FY17A was 30% for turnover and 32% for adjusted EBITDA.

Interest is invited for the business and assets of the Company, with further information available subject to a non-disclosure agreement.

A deadline for indicative offers is expected to be set for Friday 19 May.

For further information, please contact Chris Weatherall of Mazars Deal Advisory: chris.weatherall@mazars.co.uk