Yorkshire-based commercial interiors specialist, Ultimate (Commercial Interiors) Ltd, has undergone a management buyout led by six members of its senior team. The company, known for its expertise in fit-out, furniture, design, and consultancy, primarily focuses on office spaces and hotels and has a strong market presence in the North of England.
Ultimate’s headquarters, located in Cross Hills near Skipton, boasts a remarkable 16,000 sq ft workplace experience showroom called ‘The Hive.’ This state-of-the-art facility, which opened its doors in 2020, stands as one of the largest of its kind in the entire UK.
The management buyout team is comprised of experienced individuals, including Dan Platt, who assumes the position of CEO, Vici Plunkett as finance director, Steve Broadbent as pre-construction director, Steve Cowley as director, Bobby Murriero as contracts director, and Paul Alexander as sales and brand director.
The new team has taken over the reins of the company from Mark Hickey and Mark Naisbitt, the founders of Ultimate in 2002, who have decided to step down. Although Hickey and Naisbitt are relinquishing control, they will retain a minority shareholding in the business.
Aside from its Yorkshire headquarters and showroom, Ultimate also maintains offices in Manchester, Liverpool, and Newcastle. With a workforce of over 40 employees, the company collaborates with numerous consultants, specialist contractors, and a wide-ranging supply chain.
The management buyout was facilitated by Susan Clark and Steven Silver from LCF Law’s Leeds office, who provided legal advice, and KM Business Advisory, which offered accountancy and financial guidance. Christian Hunt and Nick Thackray from Bevan Brittan and Victoria Court Private Clients advised the sellers. Additionally, Claritas Tax offered specialised tax advice to both parties, while SME Capital, represented by Paul Dolyniuk, provided the funding for the acquisition.
During its most recent financial year, Ultimate achieved a 15% increase in turnover, surpassing £23 million. The company plans to further expand its pre-construction and delivery teams this year. Additionally, Ultimate is currently seeking to hire a new estimator and contracts manager.
Reflecting on the acquisition, Dan Platt, who has been with Ultimate since 2007, stated, “For the past 21 years, Mark and Mark have worked hard to build a resilient and formidable business, which is highly respected in the market by clients, suppliers, and competitors alike.” He emphasised Ultimate’s steady growth and reputation for earning clients’ trust, leading to a significant volume of repeat business and recommendations.
Platt further expressed enthusiasm for the future, noting the company’s advanced showroom and the increased demand for remodelling and investing in workspaces following the pandemic. He highlighted the ongoing exciting projects throughout the UK, ranging from single office units to 20,000 sq ft schemes, as well as the collaborative efforts between the Ultimate team, clients, and supply chain.
Susan Clark, a partner at LCF Law, commended Ultimate’s ambition and prominent position in the commercial interiors market, showcasing an extensive portfolio of innovative projects across the UK. She praised the well-prepared management team for successfully assuming control and anticipates their continued success in upholding Ultimate’s outstanding reputation.
Paul Dolyniuk, regional director at SME Capital, expressed delight in supporting Ultimate’s management team and their impressive MBO. He commended the company’s longevity, quality service, and loyal customer base, affirming his excitement to back their growth journey.
Ultimate has an impressive customer portfolio that includes renowned brands such as Quorn, Bettys & Taylors Group, BET365, Stoke Football Club, Spa Medica, Savills, PepsiCo, Skipton Building Society, National Trust, Cheshire Oaks Designer Outlet, CEG, the NHS, and Arup. The company has also successfully delivered numerous hotel projects, including thousands of bedrooms, communal areas, and front-of-house spaces for prominent hotel groups like Holiday Inn, Mercure, and Marriot, as well as independent establishments.
In recognition of its excellence, Ultimate was recently awarded the ‘Platinum Partner’ certificate by global office furniture giant Steelcase. For more information about Ultimate and its team, visit their website at www.ultimategroup.uk.com.