Investment Criteria
What we look for
Profitable, founder-built UK businesses with management in place, recurring demand and strong cash conversion. The structure of each investment follows what works for the founder.
£250k–£1.5m
Target EBITDA
United Kingdom
Geography
Confidential
Initial conversations
Our Decision Lens
Five preferences, applied without exception
Cash flowoverstory
Repeat demandoverone-off projects
Continuityoverfounder heroics
Simplicityovercomplexity
Downside protectionoverpromised upside
Core Criteria
The qualities we look for
01
Profitable today
Cash-generative now. Improvement is upside, not a requirement for survival.
02
Recurring demand
Revenue from repeat, maintenance, compliance or consumable demand.
03
Management in place
A credible leadership layer able to run the day-to-day through transition.
04
Beyond the founder
Customer goodwill that belongs to the company, not to one person.
05
Durable, essential sectors
Useful, unglamorous industries that will still matter in ten years.
06
Diversified customers
Long-standing relationships, with no single client the business cannot lose.
07
Simple operations
Enquiry to quote to delivery to cash, explainable in a sentence.
08
Strong cash conversion
Accounting profit that reliably becomes operating cash flow.
09
Low liability risk
Limited legal, environmental and regulatory exposure, properly insured.
Where we invest
Industrial & Manufacturing
HVAC, MEP & Building Systems
Compliance, Testing & Inspection
Specialist B2B Services
A note on manufacturing: we consider it where it behaves like a repeat-order B2B business. Niche, essential products, a diversified customer base, manageable capex, and a technical lead in place below the founder.
If this sounds like your business, let's talk.
Conversations are confidential and obligation-free. We work with founders and intermediaries across the United Kingdom.
