SOLD : Fire and Flood restoration business
Storm clouds and silver linings. Substantial business in Fire & Flood Restoration work - Devon. Rainbow International is a business that delivers restoration services following fires and floods to commercial and residential properties. The nationwide operation is a franchise business with over 80 franchise areas operating across the country with contracts with major insurance companies providing the majority of work. Based on the Heathfield estate near Newton Abbot, the major south west franchise, covering much of Devon was established in 1997 by husband and wife, Eric and Shirley Irish. They developed the business to expand beyond the work channelled through the franchisor to include extra services and add clients from individuals to the county council. It is naturally a business that depends a lot upon the weather with heavy rain causing floods and freezing temperatures causing burst pipes leading to floods meaning they are much in demand when people are in need of help.
Having developed the business and built a good reputation the owners decided, after 15 years, it was time to explore other business opportunities and ventures. They chose to instruct specialist business transfer agency, Beardsley Theobalds of Exeter (01392 253071) to act for them to handle the sale of their business. A national marketing campaign was conducted and the business was also advertised on their own and other industry websites.
With the business generating good returns and with the franchisor’s backing offering buyers the chance to step in to a substantial business with a good degree of confidence, great interest was stirred up. People from similar industry backgrounds and also buyers with general management experience stepped forward. The business was sold to Stephen Luscombe from Newton Abbot who, with experience as an operations director has the skills to take on the business. Not only will he have the support from the franchisor but his brother was also attracted to the group and bought a franchise in The Midlands earlier in the year. With the changing climate and weather patterns, stormier conditions are predicted which may not mean good news for everyone but Stephen and his brother will be there to help and, with every cloud having a silver lining, their businesses should do well.
