Malcolm Priest, the Managing Director of construction company Greswolde Construction Ltd, has strengthened his senior team with the appointment of two new directors in a deal led and executed by Swindon-based corporate finance specialists Watersheds.
Construction Engineer Perry Stewart and Chartered Accountant Shaun Walsh have invested in the business, with ownership now shared between them and Malcolm Priest.
Despite the challenges of stringent restrictions associated with the Covid-19 pandemic, corporate finance specialists Watersheds, who acted for Malcolm, negotiated the deal during the lockdown period. Malcolm purchased Greswolde Construction Ltd in 1995, but has since decided that the time is right to build a larger, stronger senior team.
Perry Stewart is an engineer with 40 years experience in construction, including thirteen years as CEO of Immediate Property Solutions and six years as MD of The House group, based in Gibraltar. Prior to that Perry was Project Manager for Skanska’s construction and marine projects in Scandinavia, Denmark and Northern Germany in collaboration with Veidekke.
Shaun Walsh spent his early career at PWC and has subsequently held the role of finance director in a variety of small and medium-sized companies across a number of different industries.
Perry and Shaun are building a group of construction-related companies which are mutually supportive as the IBG Group. This is their third investment.
Malcolm said, “I want to see the business thrive. The COVID-19 pandemic has been very challenging for the construction industry, however as we are waking up to face a new normal, I think it is the right time for me to step down and hand over some of my responsibilities to a highly experienced team who can meet those challenges so that Greswolde Construction has a strong and resilient future.
“It would have been far less work for Watersheds to find a competitor who wanted to buy us but that did not sit well with me. It would have led to redundancies. They understood that and worked hard to find a much better way forward.
“I have been talking to Watersheds off and on for several years about options. The fact that I am only now paying a success-based fee is pretty impressive.”
Watersheds – which specialises in finding investors for companies – only charges fees at the point of success, a policy that has been in place ever since the business was founded 20 years ago.
William Senior of Watersheds, who led on the transaction for Greswolde, said, “It’s pretty amazing that we completed this deal for Malcolm during the pandemic after many lockdowns, but it’s been a pleasure to work with someone who wanted to ensure the business is as resilient as possible and has a strong and sustainable future.”
Pictured above: [left to right] Malcolm Priest, William Senior, Perry Stewart and Shaun Walsh