Liphook: Fanshawe Lofts in AMK buyout
Corporate financiers at Fanshawe Lofts have completed the management buyout of a Hampshire business which is a major player in the specialist passenger transport sector.
The Southampton-based team represented Graeme Fraser, Matt Dummer and Mark Glazier in the bank-funded acquisition of Liphook-based AMK, the UK’s second largest independent wheelchair accessible transport company.
They have immediately appointed a general manager, Andy Higgins, and plan to run AMK alongside their existing business, Glide Rite Products, a global market leader in the development of air suspension and wheelchair access products.
AMK was established more than 30 years ago by husband and wife team Kevin and Angela Moger with just one vehicle. The company now has more than 100 vehicles in its fleet, employs 140 staff and turns over more than £2.5 million.
Its core specialism is transport for disabled passengers with approximately 75% of its fleet specially equipped with high-spec modifications to enable easy access for all members of the community.
“AMK has developed a strong reputation in this market,” explains Rosemary Penn-Newman of Fanshawe Lofts. “85% of its turnover now comes from long term contracts with local authorities delivering transport for education, social services and public transport departments.”
The business also offers chauffeur-driven mini-coaches and people carriers, catering for the transport needs of a large base of private and corporate customers, including leading blue chip companies, hotel chains and event organisers. Amongst its high profile clients, AMK has provided transport services for two US Presidents, central government departments and host of international celebrities.
Ten years ago it successfully developed its core business with the introduction of a vehicle maintenance and repair service to maximise its purpose-built workshop and team of skilled technicians and has since introduced a self drive service for local authorities who need to supplement their own fleet.
“AMK has consistently delivered profits and has developed a first class reputation in Surrey, Hampshire and West Sussex,” said Penn-Newman.
“But there has been considerable scope to accelerate the company's growth in recent years, both by developing geographically and by responding to new opportunities in the public transport sector.”
Graeme Fraser, AMK’s new sales director, said: “The existing owners have maximised these opportunities – the new team are all particularly excited by the potential which they offer for further development. We’re looking forward to the challenge.”
