GI Sykes Set for Expansion

GI Sykes, a third-generation family-owned Midlands contractor, is set to expand following a successful management buyout. Supported by funding from Mercia Debt and Frontier Development Capital, the current management team, led by Richard Downs, will now control the business. The company has been in operation since the 1940s, initially founded as a painting and decorating service by Richard Sykes. It has since diversified its offerings to include specialized coatings and general construction work. The buyout allows Richard and Jason Sykes to exit as owners, though they will remain as consultants. To facilitate the buyout and future growth, GI Sykes secured a £720,000 funding package, with contributions from Mercia's SME Loans Fund and the Midlands Engine Investment Fund II. The management team plans to maintain the company's family ethos while pursuing new service lines and expanding their client base. The acquisition ensures continued employment for its direct employees and contractors, and supports the workforce's growth through an apprenticeship scheme.