60 Second Interview – GRS Care Ltd
Last week we spoke to Fiona from Beaufort
Research about her experiences of a management buy-out. As
part of our series of interviews on buying a business
we caught up with the Chairman of GRS Cared Ltd about the
company's recent management buy-in.
Swansea-based GRS Care Ltd provides assisted living and care
services across South Wales. In June this year entrepreneurs Ceri
Todd, Amrita Amin and Dave Howells used a Finance Wales loan to buy
into the company. As the company’s new Chairman, Dave Howells
speaks about his experience of the management buy-in.
Why did you decide to embark on a management buy-in of
I was interested in the social care sector and
GRS stood out as an established care provider with impressive
standards and a successful track record spanning 20 years. I also
believed the company had enormous potential and building on this
success was an attractive proposition.
Did you have any previous experience of
management buy-ins beforehand?
Yes, I had some indirect experience with a
previous company, but I learned a lot from going through it
How did you find the
The key element for me was to understand what
the existing owner wanted to achieve from the sale and whether or
not I could fund the process. Once I established this, we were able
to reach agreement in principle together quite quickly.
The details of the deal were quite complex and
included funding from a number of different sources. The experience
of the financial advisors we used as well as Finance Wales was key
in helping to structure the deal and guide it through.
Were you worried about coming from a
different sector/industry to GRS Care?
No, not really. I had an interest in the social
care sector and the market research I conducted beforehand helped
me to understand the business’ sustainability and growth potential.
The due diligence process gave me confidence in the financials of
Since the management buy-in how have you
found your new position as Chairman?
Initially challenging, as I expected it to be. I
still had a lot to learn about the sector and the challenges our
staff face caring for our residents. It has taken a good six months
for staff to get used to the new frameworks we’ve introduced, but
now we are reaping the success of this as we’ve simplified aspects
of the business and modernised our processes.
Would you consider any further
management buy-ins in the future?
Yes, with the right opportunity.
What advice would you give to others
considering a management buy-in?
Understand your business sector (market
research), do your due diligence, know your limitations, expect
initial changes and challenges, and operate a clear and concise
If you’re thinking of buying into a
business speak to Finance Wales
today to find out how our funding can help.