A son has taken on ownership of his parents’ businesses, backed by a £240,000 loan from the Development Bank of Wales, via the Wales Flexible Investment Fund.
Founded and owned by Phil and Amanda Hardman, Electronic Services (Wales) Ltd began as a television repair shop in Uplands, Swansea in the early 2000s. Over the years, it has evolved into a specialist in the repair of household appliances such as televisions, fridge freezers, washing machines, and tumble dryers.
The company has expanded its services to include other white goods repairs, leading to their relocation to larger premises in Fforestfach. Today, Electronic Services (Wales) Ltd performs licensed in-warranty repairs for several major electronics companies, including Samsung.H3 Group, also founded and owned by Phil and Amanda Hardman, specializes in the installation and maintenance of electronic fire and security systems.
In 2018, their son Daniel joined the management team. Following the recent buyout, he has now assumed the role of Managing Director for both businesses, and has also added a new arm to the business in the form of H3 Electrical and Solar.
Daniel said: “I am honoured to continue my parents’ legacy and lead Electronic Services (Wales) Ltd and H3 Group into the future.
“With the support of the Development Bank of Wales, we are in a strong position to expand our operations and continue delivering exceptional service to our clients while also preserving the values and high standards that have been the foundation of our success. My parents can now step back after years of hard work in running and expanding the businesses.
“The support I’ve had from the Development Bank of Wales has been fantastic and I’m really pleased that this management buyout has gone smoothly.”
John Babalola, Assistant Investment Executive at the Development Bank of Wales, said: “We are delighted to support Daniel in the acquisition of H3 Group and Electronic Services (Wales) Limited. The MBO marks a significant milestone for both businesses, ensuring continuity and job preservation.
“Daniel brings a wealth of experience having been involved in the management of the business for a while. This transition is expected to maintain the high standards and strong customer relationships that both companies are known for, while also bringing a fresh vision and energy to the businesses.”
“The Development Bank of Wales is ready to support MBOs at businesses across Wales, helping longstanding owners to step back and retire, and experienced management teams to step up and take on ownership.”
