A South Wales entrepreneur has secured a six-figure funding package from HSBC UK to acquire a garden machinery and e-commerce business.
With the help of the finance package from HSBC UK, Steven Williams will take over ownership of Cheltenham Mowers following the retirement of Jonathan Heasman who has run the business for the last 20 years.
Cheltenham Mowers has been selling, servicing and repairing garden equipment, including lawn tractors, hedge trimmers and chainsaws, for the last two decades. New owner, Mr. Williams will bring his extensive business management experience to the company, having previously established and owned three DPD Local depots in Cardiff, Swansea and mid-Wales.
The acquisition is the first in Mr. Williams’s buy and build strategy, where he plans to create a group of agricultural and industrial business providing a comprehensive wholesale and retail offering.
Steven Williams, Owner of Cheltenham Mowers, said: “I’d been looking to grow my portfolio as an entrepreneur so when this opportunity to purchase such a reputable business presented itself, I jumped at it. The business has been run brilliantly by Jonathan and his team over the years so we are looking forward to building on its success and expanding it even further.
“The support we’ve received from HSBC UK and, in particular, our relationship manager Michael Barber, has been crucial in making this deal happen. We look forward to continuing to work with the bank.”
David Butler, Area Director at HSBC UK, said: “We’re delighted to be able to support such an experienced businessman who will bring a wealth of experience to Cheltenham Mowers. We look forward to continuing to see the business flourish under Steven and supporting him in his ambitious business plans.”
The deal was advised on by corporate finance dealmaking business, The GS Verde Group.