Engagement example
Project Anvil
A precision-engineering and contract-manufacturing business, taken from a first exit-readiness review to a confidential go-to-market.
An illustrative engagement. Identifying details have been changed and figures are representative. This is a picture of how the work runs, not a named client.
- £3.1m
- Turnover (FY25)
- 17.4%
- Adjusted EBITDA margin
- 1991
- Established
- 28
- Employees, incl. 2 senior managers
The situation
A business with more than thirty years’ trading history, supplying machined components and sub-assemblies to blue-chip customers across aerospace, automotive and industrial sectors. The owner was planning retirement and wanted a handover that protected the staff, the customers and the price.
Profitable and well regarded. But, like most owner-managed businesses, some way from being ready to hand to a buyer.
What was already strong
- Blue-chip customer base (top five accounts across three sectors, none above roughly 22% of turnover)
- High repeat revenue (85%+ of turnover from customers trading five years or more)
- An experienced second tier running production, quality and commercial day to day
What the review flagged
- Owner still central to key customer relationships and pricing decisions
- Management information solid but not to the standard a diligence team expects
- Several long-standing supply agreements informal or out of date
- AS9100 accreditation in progress but not yet complete
- Growth headroom real (spare capacity, live pipeline) but not evidenced on paper
The preparation
Roughly eighteen months of focused work before anything went near a buyer:
- Ran a full diligence rehearsal across contracts, financials, employment and property
- Moved the owner out of day-to-day pricing and key-account contact over about 12 months
- Documented and renewed supplier agreements; resolved outstanding IP questions
- Built the management pack and data room to buyer standard
- Packaged the growth story with pipeline evidence behind it
Going to market
With the business ready, it was taken out confidentially and deliberately anonymised. No trading name, exact location or detailed accounts released without a signed NDA and buyer qualification. Approaches went beyond the obvious trade names to adjacent and strategic buyers, run as a process to keep competitive tension in play through to offers.
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