ASK4 aims for £30m turnover after buy out

Bowmark Capital has bought out Darwin Private Equity and some management shares to take a majority stake in the student flats specialist.

Bowmark has committed to a multi-million pound follow on investment as ASK4 targets major European expansion.

A five-strong management team led by chief executive Jonathan Burrows has also invested in the business.

Mr Burrows, who founded the firm, of Fitzwilliam Street in the city centre, in Sheffield in 2000, said he was delighted to conclude the deal.

He added: “Darwin has been an outstanding partner and they have exited after a natural investment period. I’m confident Bowmark will be too as we prepare our growth plans over the next five years and go all guns blazing into European expansion through organic growth and targeted mergers and acquisitions.”

The ambition was to double turnover to £30m over the next five years, he added.

ASK4 employs 120, and has 160,000 customers at 400 buildings in the UK and Ireland, Spain, Germany and Poland.

It also has 500 business customers.

A Bowmark spokesman said their investment would also help to accelerate the roll-out of new products and services and hire new staff.

Bowmark partner Stephen Delaney said: “We have been tracking the company for a number of years and are delighted to have the opportunity to support Jonathan Burrows and his team as they build on the impressive growth they have achieved to date.”

Derek Elliott, managing partner of Darwin Private Equity, added: “ASK4 has been a successful investment for Darwin because it is a high quality business, providing excellent service to its clients, with an outstanding management team.

“It has grown substantially over the past four years, broadening its client base and moving into Europe. We wish Jonathan Burrows and his team continued success as they move forward under new ownership.”