Manchester businessman Simon Orange has acquired a controlling stake in an almost 140-year-old firm for an undisclosed sum.
According to Building, the country’s second-largest steel fabrication contractor was sold to the Manchester entrepreneur, elder brother of former Take That vocalist Jason Orange.
Sale Sharks co-owner Simon Orange acquired a controlling stake in the family firm, founded in Bolton in 1888 by its eponymous founder, for an undisclosed amount.
Orange, who also participates in GT car racing, bought Sale nine years ago and recently sold a stake in his corporate acquisitions business CorpAcq, which he founded in 2006, to London private equity firm TDR Capital.
According to Forbes, rumors circulated earlier this year that the deal was worth £1 billion, with proceeds from the sale reportedly intended for the purchase of Hare.
Under the terms of the deal with TDR, Orange and his management team will retain a significant shareholding and continue to run CorpAcq.
CorpAcq, based in Altrincham, specializes in investments in small and medium-sized enterprises in the UK.
In a statement, Hare said Orange “will personally hold the business alongside some of his other significant investments.”
The statement also added: “The existing William Hare management team, including CEO Susan Hodgkiss and director Matthew Nesbitt, will continue to run the business, with Simon providing support and guidance as the group seeks to back its clients’ ambitious projects.”
Orange’s company said: “I’m very pleased to invest in William Hare, a company with a strong culture and rich history working with a broad range of clients on some of the largest and most interesting buildings in the world.”
“With leading market services in engineering, fabrication, construction, and sustainability, I know William Hare is a business built for the future, playing an exciting role in the future of construction and fabrication.”
In its latest report for the year ending December 2023, the company, now based in Bury, published a turnover of £316 million — second only to Severfield — and returned to a pre-tax profit of £5.8 million after two consecutive years of losses. The company’s net cash balance at year-end rose from £20 million to £27.4 million.
This morning, staff were informed about the deal with William Hare, which currently employs around 2,000 people, approximately half based in the UK and the remainder in other countries including India and the UAE.
Building understands that the Hodgkiss family will retain a stake in the business, and Nesbitt added: “The business is in a really strong financial position with a historically high level of cash, giving clients confidence that they will continue to trust us to deliver the quality and outcomes on which we have built our reputation.”
“In the current climate, it is clear that the market needs confidence in its supply chain, and with our expertise and strong financial position, we believe we have all the ingredients to deliver this and execute world-class projects across the built environment.”
Speaking about the deal, one contractor said: “An investor who trusts any business and its management team is usually a good person. Hare is one of a small group of very capable steelwork contractors in the UK.”
Another firm added: “I’m glad it wasn’t folded into another big contractor or supplier. Day by day I’m convinced this is the norm.”
In the early 1990s, siblings David and Susan Hodgkiss became joint CEOs after their father Bartle, William Hare junior’s son-in-law, retired.
David Hodgkiss, who was also a former chairman of the Lancashire countryside cricket club, died five years ago and was succeeded as CEO by Susan.
Among William Hare’s most recent projects are Timber Square and One Liverpool Street in London, being built by Mace, as well as Aldermanbury Square 2 in the City, being constructed by Bovis.
The firm also won a contract for the steelwork of the tower at 60 Gracechurch Street, to be built by Bovis in the City.