“Following one of the most thorough and fundamental turnarounds we have every completed, the team transformed this business from a failing corporate orphan to a stable business with the momentum to achieve sustainable growth.”
The loss-making division of energy giant EoN, Home Energy Services (HES) was facing closure in February 2013. Introduced by leading Midlands law firm Shakespeare Martineau, Rcapital Partners backed the management team in an MBO as the parent initiated a review which triggered 350 Nottingham-based jobs to be put at risk.
Growth story
Faced with £6m losses, out-of-date processes, rising energy prices and negative publicity, Chris McLai, Iqbal Sanghera and Rcapital initiated an intense period of restructuring and transformation.
Outome
This two year turnaround was completed without a single redundancy, ultimately creating a stronger, profitable and more sustainable Midlands business. In October 2015, HES was acquired by household insurance and repairs group HomeServe and turns over £22m employing more than 330 staff.
