The management team of Space Solutions (Scotland) Ltd has bought the business from the Chess Group of Companies for an undisclosed sum.

After one of the most successful years in its ten year history, the Scottish architecture and space planning business will now be an independent company led by the senior management team of Steve Judge, Ken Cope, Mark Wilson and Derek Binnie.

The deal, which was financed by the management team with banking support from RBS, will pave the way for further growth of the £10 million turnover business.

Managing Director, Steve Judge, explains: “The time is right for us to strike out on our own. The buoyant north-east economy has provided us with a springboard from which to develop a UK-wide business. We recently opened offices in Dundee, Edinburgh and Glasgow. The rapid growth of these offices and the huge nationwide potential gives us confidence in the future opportunities. We have benefited hugely from being part of the Chess Group and will maintain a close relationship with them going forward.”

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James Barrack, chairman and managing director of The Chess Group says: “We have built this business up for the last ten years with the support of a good team and the time is right to exit and allow the management team to take the business forward. It has always been my expectation that Steve and his team would step up to acquire the business. The Chess Group will continue to start up and invest in businesses and strengthen its portfolio of companies within the group.”

Stuart Heslop, Director of Commercial Banking for RBS added: “We have known Chess Group for some time and are delighted to support Steve and his management team in taking the business forward under their ownership. Space has an excellent reputation locally and the facilities we have put in place will allow them to continue their geographic expansion and provide the north-east with yet another success story.”

(CD)