Kirkman and Jourdain acquired by management team

Building maintenance contractor Kirkman and Jourdain has been acquired by its management team in a deal worth more than £3m.

Colleagues Mark Downey, Paul Adams and Phil Hayward bought into the business with funding from Royal Bank of Scotland (RBS). Corporate finance specialist Watersheds project managed the deal.

Downey, who has worked at the company for 16 years, has been appointed managing director.

He said: “The last eight months have been tough but exciting. We have worked hard as a team and the professional support, advice and attention we received from Watersheds have been invaluable and critical to the deal succeeding.”

Mark Chiutsankhondo, Watersheds partner, added: “This deal is great for our clients. It is already a successful business model and they have been part of its winning story. They are looking forward to building on its first-class reputation.”