A seven-figure equity investment from the Development Bank of Wales has supported the management buy-out (MBO) of Cardiff-based DRAC Consulting, securing the future of the building services engineering consultancy, protecting 20 jobs.
The investment from the bank鈥檚 Wales Business Succession Fund has enabled Lewis Doherty to take over as managing director from the company鈥檚 founding directors in a planned transition.
Lewis Doherty, who joined the business in 2015 as a junior electrical engineer, is the 34-year-old son of co-founder Carl Bassett and has spent several years preparing to take over.
Founded in 2009, DRAC Consulting provides mechanical, electrical and public health (MEP) engineering consultancy services, advising, designing and supervising building services for construction projects. Clients include local authorities, housing associations, health boards and property developers.
Lewis Doherty will be supported in his new role by Chris Thomas of SME Finance Partners, who helped structure the MBO transaction. Thomas becomes non-executive chair of the business.
The smooth the transition, remaining founders Carl Bassett and Russell Williams continue as directors of the business.
鈥淒RAC is a business that has been built from the ground up, and it means a great deal to be trusted with taking it forward,鈥� said the new managing director and owner, Lewis Doherty. 鈥淭his transition has always been about continuity 鈥� for our clients, our staff and our partners. I simply want to build steadily on what鈥檚 already a strong and well-respected business. My focus is on sustainable, measured growth, developing our people and continuing to deliver the high-quality service our clients rely on.鈥�
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